Citigroup: Singapore to witness deeper recession in 2020
Singapore will fall into a deeper recession this year after it continues extending and tightening social distancing measures to prevent the COVID-19 until June 1, Citigroup warned.
A restaurant only serves takeaway food to avoid crowds (Source: AFP/VNA)
Singapore (VNA) – Singapore will fall into a deeper recession thisyear after it continues extending and tightening social distancing measures toprevent the COVID-19 until June 1, Citigroup warned.
Citigroup’s economists Wei Zheng Kit and Kai Wei Ang saidthat the city’s economy will contract by 8.5 percent in 2020, down from an earlierestimate of a 6 percent fall.
The circuit breaker will cause close to 25 percent to 30 percentof gross domestic product (GDP) to come to a standstill, with every month of extensionfurther reducing 2020 GDP by 2 percent to 2.5 percent.
The technical rebound after the lifting of the circuitbreaker on June 1 will be capped by continued social distancing and onlygradual recovery in exports, they wrote.
Any further cut to GDP forecasts for this year or nextraises the odds that the Monetary Authority of Singapore will again ease policyby lowering the currency's trading range at its October meeting, the economistswrote.
The central bank, which uses the exchange rate as its mainpolicy tool, took unprecedented easing steps last month by allowing for aweaker exchange rate to support the export-reliant economy.
Singapore now has the most cases in Southeast Asia as COVID-19spreads quickly in dormitories housing foreign workers. As of noon on April 22,the country confirmed over 10,000 infections./.
Singapore will extend its partial lockdown by another four weeks after reporting thousands of new COVID-19 cases in recent days, Prime Minister Lee Hsien Loong said on April 21.
The number of COVID-19 cases in Singapore has exceeded 10,000, with 1,016 new cases reported as of noon on April 22, according to the local health ministry.
The facility will integrate multiple components, including mining operations, a smelter, high-pressure acid leach (HPAL) processing, and production of precursors and cathodes.
A participant in the Malaysia Economic Forum 2025 said despite challenges, there are significant opportunities in AI, digital transformation, and green technologies, requiring the country to balance both risk and potential thoughtfully.
Themed “emerging trends in terrorism and violent extremism”, the event drew over 200 participants from domestic and international agencies, discussing the rapid evolution of terrorism and the need for stronger regional and global cooperation.
Indonesia aims to start nuclear power generation by 2034, with a government roadmap already in place to develop small modular reactors (SMRs) with capacities ranging from 300 to 500 megawatts.
The package, endorsed on June 24, comprises 481 projects designed to boost GDP by an additional 0.4% and generate temporary employment for about 7.4 million people nationwide.
An Indonesian official emphasised that energy security is extremely essential amid global geopolitical and economic fragmentation, highlighting the need for the energy industry to strengthen resilience and responsiveness in the face of fluctuating oil prices and the shift to clean energy.
ASEAN must deepen collaboration through platforms such as the ASEAN Senior Officials Meeting on Transnational Crime (SOMTC) to ensure regional responses keep pace with the rapidly evolving cyber threat landscape.
Speaking at the launch of the Indonesia Economic Prospects June 2025 edition on June 23 in Jakarta, Turk noted that Indonesia’s gross domestic product (GDP) expanded 4.9% in the first quarter of 2025 compared to the same period last year.
Anti-dumping duties will continue to be imposed on producers from China and Japan while those on relevant exporters from the RoK and Vietnam will be terminated, starting from June 23.
A specialist police unit has acquired a fleet of off-road vehicles to help officers navigate rough, unpaved terrain – and flood waters – to respond more quickly to public security incidents.
The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.
The talent programmes mark another milestone in the technical partnership between PETRONAS and the Energy Institute, which focuses on three pillars: promoting decarbonisation and operational excellence through innovative solutions, enabling informed decision-making with expert advice, and nurturing the next generation of energy professionals.
The firefighters found an active blaze at the lorry depot located in the city of Pasir Gudang near the state capital of Johor Bahru, with flames spreading quickly due to strong winds and igniting a neighboring disused oil storage area.
Investigators believe the operation is part of a broader scam network involving romance scams, where victims are lured into fake relationships and persuaded to transfer money.
Ambassadors, Consuls General, along with staff and their families, joined traditional sports and cultural activities of Southeast Asia and performances bearing regional identity, thus contributing to strengthening unity and the ASEAN community spirit in New York.
A restaurant only serves takeaway food to avoid crowds (Source: AFP/VNA) 
