Singapore is the latest nation to predict a devastating coronavirus recession as the pandemic ravages 2 of its biggest industries

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• Singapore's economy could contract up to 7% this year, according to the country's trade ministry.
• But it could be even worse, the ministry said, noting the "significant degree of uncertainty over the length and severity of the COVID-19 outbreak, as well as the trajectory of the economic recovery."
• Singapore is the latest nation to predict a catastrophic shrinkage of its economy this year, driven by the pandemic.
• It is likely to be particularly hard-hit given that two of its key industries — tourism and shipping — are being ravaged by the pandemic.
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Singapore's economy could shrink by up to 7% as it appears to head for its worst recession since independence, the country's trade ministry warned, making the south east Asian nation the latest to acknowledge the devastating economic impact of coronavirus.

The Ministry of Trade and Industry said in a statement Monday: "In view of the deterioration in the external demand outlook for Singapore as well as the expected economic impact of the CB (central bank) measures, the GDP growth forecast for Singapore for 2020 is downgraded."

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