Singapore warns of worst economic contraction since independence

Singapore's embattled economy could shrink by as much as seven percent this year, which would be the worst reading since independence in 1965, with the government saying Tuesday the coronavirus pandemic had throttled the key export sector.

The trade ministry said the new estimate, which was a downgrade from the four-percent contraction predicted in March, was made "in view of the deterioration in the external demand outlook" and the partial lockdown imposed domestically.

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