The Singapore economy narrowed 2.2% in the first quarter of 2020, versus the same quarter last year, the country’s Trade and Industry Ministry announced on Thursday.
Quarterly, the country’s economy contracted sharply 10.6% due to the effects of the novel coronavirus in all sectors, according to a press release by the ministry.
The country’s manufacturing, construction, and services sector shrank in the first quarter, it noted.
While the ministry expected that the country’s GDP growth rate will be between -0.5 and 1.5 in 2020, it reduced its forecast to between -1% and -4%.
The U.S.-based credit rating agency announced