Singapore’s economy has been resilient but economic growth is expected to be significantly affected in the near-term due to the outbreak of the coronavirus. In AMRO’s latest update on April 21, the economy is expected to contract by 3.6 percent in 2020 due to the COVID-19 outbreak, with a large impact on the tourism, manufacturing, transport, and retail sectors. The deterioration of domestic sentiments will lead to a sharp pullback in private consumption and investment. However, the large fiscal stimulus measures in the FY2020 Budget as well as the recent supplementary budget, and a more accommodative monetary policy stance are expected to help cushion the impact.
Annual Consultation Reports