26 private-sector economists and analysts made a forecast when polled by the Monetary Authority of Singapore (MAS) that the Singapore economy is predicted to shrink 6 percent in 2020.
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The earlier forecast was 5.8 percent.
The second quarter GDP was Singapore’s worst ever performance (quarterly).
They are predicting unemployment rate to be 3.5 percent by the end of the year.
Most of the respondents felt that the greatest downside risk to the economy is a further deterioration in the current Covid-19 pandemic.
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