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Singapore’s economy grew 1% in the fourth quarter — better than estimates

Visitors wear protective face masks at the Marina Bay waterfront in Singapore on January 26, 2020.

Roslan Rahman | AFP | Getty Images

Singapore’s economy grew by 1% in the fourth quarter of last year, the country’s Ministry of Trade and Industry said on Monday.

The latest figures were a revision from the government’s earlier estimates of 0.8% growth in the three months from October to December.

The ministry also said it downgraded its 2020 forecast for the Singapore economy to -0.5% to 1.5% from 0.5% to 2.5% previously.

Singapore, a tiny Southeast Asian country, has reported one of the highest numbers of confirmed coronavirus cases outside China. The country was also among the worst hit by the global SARS epidemic in 2003.

Prime minister Lee Hsien Loong said on Friday that the economic hit from the coronavirus disease — formally named COVID-19 — has already exceeded that of SARS, reported local newspaper The Straits Times.

Lee also suggested that it’s possible Singapore could enter a recession as a result of the recent virus outbreak.

This is breaking news. Please check back for updates.

Source: CNBC

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