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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Singapore's economy, a bellwether for global trade, could shrink by as much as 7.0 percent this year, as the coronavirus pandemic throttles demand, the government said Tuesday. The trade ministry downgraded its forecast as official data showed gross domestic product (GDP) fell by 0.7 percent year-on-year in the first quarter to March, and by 4.7 percent compared with the previous quarter. Like many other countries, Singapore has ordered the closure of most businesses, advised people to stay at home, and banned large gatherings. Officials say they may start relaxing the rules from early June but many restrictions will remain. Lockdowns to contain the virus in major markets such as the United States, Europe and China have crippled demand for exports, and a halt in international air travel has hammered Singapore's key tourism sector. "There remain significant uncertainties in the global economy," the trade ministry said in a statement. "First, there is a risk that subsequent waves of infections in major economies such as the US and Eurozone may further disrupt economic activity," it said. "Second, a growing perception of diminished fiscal and monetary policy space in many major economies could damage confidence in authorities' ability to respond to shocks." The economy is now expected to contract by up to 7.0 percent instead of 4.0 percent as projected in March "in view of the deterioration in the external demand outlook" and the partial lockdown imposed domestically, the ministry said. "Notwithstanding the downgrade, there continues to be a significant degree of uncertainty over the length and severity of the COVID-19 outbreak, as well as the trajectory of the economic recovery," it warned. Singapore's central bank in March eased monetary policy to support the virus-hit economy. mba/axn
schema:headline	Virus-hit Singapore economy to shrink up to 7%: govt
schema:mentions	Master of Business Administration 2020 coronavirus outbreak in Singapore Eurozone Singapore Gross domestic product Lockdown European Union Pandemic Virus United States China Severe acute respiratory syndrome coronavirus 2 Bellwether Monetary policy Microsoft Outlook AXN
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-26 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	71 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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