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Singapore Economy Could Contract 7%, Most Since Independence

  • Economy to take significant hit as external demand slumps
  • Finance minister to deliver fourth stimulus package Tuesday
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Watch: Selena Ling, head of treasury research and strategy, global treasury, at OCBC Bank, talks about Singapore's economy.(Source: Bloomberg)
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Singapore’s economy is facing its worst contraction since independence more than a half-century ago as the coronavirus outbreak and measures to contain it pummel the trade-reliant city state.

The government expects gross domestic product to shrink 4% to 7% this year, down from a previous forecast of a 1%-4% contraction, as the outlook for external demand deteriorates, the Ministry of Trade and Industry said in a statement Tuesday.