Singapore’ government downgraded the 2020 economic growth forecast from contraction 0.4% to (7.0%) caused the COVID-19 outbreak. The country reported in the first quarter (1Q) of 2020, the economy contracted by 0.7% compared to last year (y/y) and a reversal from the 1.0% growth in the previous quarter.

On a quarter-on-quarter (q/q) basis, the economy shrank by 4.7%, a pullback from the 0.6% expansion in the Q4 of last year. The manufacturing sector expanded by 6.6% in annual basis, reversing the 2.3% contraction in the previous quarter.