{"id":114541,"date":"2020-02-26T10:59:47","date_gmt":"2020-02-26T03:59:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-outbreak-singapore-economy-to-contract-0-6-in-q1\/"},"modified":"2020-02-26T11:05:16","modified_gmt":"2020-02-26T04:05:16","slug":"covid-19-outbreak-singapore-economy-to-contract-0-6-in-q1","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-outbreak-singapore-economy-to-contract-0-6-in-q1\/","title":{"rendered":"COVID-19 Outbreak: Singapore economy to contract 0.6% in Q1"},"content":{"rendered":"


\nA major trade partner with China, the city-state\u2019s economy is expected to contract 0.6% in the first quarter of 2020 \u2013 a first since the 2009 recession following the global financial crisis.
\nEconomists expect the effects of the coronavirus outbreak to reverberate beyond China, with Singapore being the worst hit.
\nA major trade partner with China, the city-state\u2019s economy is expected to contract 0.6% in the first quarter of 2020 \u2013 a first since the 2009 recession following the global financial crisis.
\nAside from Singapore, forecast from economists polled by Reuters showed that South Korea, Australia, Thailand and Taiwan are also expected to register their worst performance in years in Q1 2020.
\nSouth Korea was forecasted to grow 2.1% (down by 0.4% from the January Reuters poll), while Thailand and Taiwan are expected to expand by 0.2% and 1.3% respectively. Australia\u2019s economy is predicted to grind to a halt, ending the near three-decade growth streak that began in 1991.
\nMeanwhile, Indonesia was expected to see the least impact, with the economy forecasted to grow 4.7% this year.
\n\u201cThe impact of the coronavirus on economies in Asia is potentially huge, as tourism in the region takes a beating. From deserted hotels to empty airports, the impact of this little scrap of protein and lipid on economies in the region is potentially enormous,\u201d said Robert Carnell, Chief Economist and Head of Research for Asia-Pacific at ING in Singapore.
\nRead: 3 Key Reasons Why The M Condo Was a Success, Despite the Coronavirus Outbreak
\n\u201cIf this doesn\u2019t sound sufficiently scary, bear in mind that tourism is just one of the channels through which the coronavirus can weaken the GDP growth of Asian countries grappling with this epidemic.\u201d
\nA similar poll published over a week ago found that the Chinese economy will expand at its slowest pace in the present quarter since the financial crisis. In a worst-case scenario, economists anticipate the Chinese economy to grow 3.5% or almost half of the 6% reported in the last quarter of 2019.
\n\u201cThe base case is rapidly shifting from \u2018Bad\u2019, meaning only China is impacted, to \u2018Ugly\u2019, where both emerging Asia and developed economies see soaring infection rates and deaths,\u201d said Michael Every, Head of Financial Markets Research for Asia-Pacific at Rabobank in Hong Kong.
\nHe noted that the economic impact will \u201clikely resemble the global financial crisis of 2008-2009 more than the SARS outbreak in 2003\u201d.
\nNonetheless, most major Asian economies polled are expected to bounce back in the second quarter, albeit growth for this year will likely be lower than forecasted last month, reported Reuters.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…COVID-19 Outbreak: Singapore economy to contract 0.6% in Q1<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A major trade partner with China, the city-state\u2019s economy is expected to contract 0.6% in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114541","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tNr","jetpack-related-posts":[{"id":115192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mti-downgrades-2020-growth-forecast-as-q1-gdp-fell-by-2-2\/","url_meta":{"origin":114541,"position":0},"title":"MTI downgrades 2020 growth forecast as Q1 GDP fell by 2.2%","date":"March 27, 2020","format":false,"excerpt":"\r The revised growth forecast comes as MTI\u2019s advanced estimates showed that the economy contracted 2.2% year-on-year during the first quarter of 2020. The Ministry of Trade and Industry (MTI) has downgraded its 2020 GDP forecast to between -4% and -1% \u2013 a fall from the -0.5% to 1.5% range\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112512,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/economists-give-positive-adjustments-to-singapores-gdp-predictions\/","url_meta":{"origin":114541,"position":1},"title":"Economists give positive adjustments to Singapore\u2019s GDP predictions","date":"November 21, 2019","format":false,"excerpt":"\r This comes as a poll conducted by Reuters showed that the final gross domestic product in Singapore is expected to be higher than the government\u2019s advance estimates. Singapore\u2019s economy in the third quarter of 2019 is projected to have expanded much more than initially expected and will probably stabilise\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115018,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-to-fall-by-0-5-this-year-dbs\/","url_meta":{"origin":114541,"position":2},"title":"Singapore\u2019s economy to fall by 0.5% this year \u2013 DBS","date":"March 20, 2020","format":false,"excerpt":"\r Total retrenchments are also expected to hit 24,500 this year.\u00a0 DBS Bank expects a 0.5% drop in Singapore\u2019s economy this year, instead of the 0.9% growth forecasted last month, reported The New Paper. DBS Bank Economist Irvin Seah explained that the downgraded forecast might come with further downside risks,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40153,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-housing-market-still-sluggish-report\/","url_meta":{"origin":114541,"position":3},"title":"Singapore housing market still sluggish: report","date":"January 10, 2017","format":false,"excerpt":"\r Home prices in Singapore fell by almost three percent year-on-year in Q3 2016, revealed Global Property Guide. Amidst a slowdown in Singapore\u2019s economy, its residential market remained sluggish during the third quarter of 2016, with home prices down by 2.89 percent year-on-year following annual declines of 2.35 percent and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110503,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2019-growth-forecast-for-singapores-economy-slashed-to-0-6\/","url_meta":{"origin":114541,"position":4},"title":"2019 growth forecast for Singapore\u2019s economy slashed to 0.6%","date":"September 5, 2019","format":false,"excerpt":"\r The economists expects year-on-year growth to come in at 0.3 percent in the third quarter, citing escalating US-China trade tensions as well as further slowdown in China as top concerns. Private-sector economists expect Singapore\u2019s economy to grow by 0.6 percent this year, way lower from an earlier forecast of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-recession-for-singapore-at-this-point-in-time-chan-chun-sing\/","url_meta":{"origin":114541,"position":5},"title":"No recession for Singapore \u201cat this point in time": Chan Chun Sing","date":"October 30, 2019","format":false,"excerpt":"\r Singapore\u2019s Minister for Trade and Industry Chan Chun Sing believes that the city-state would not be entering a recession for now, reported CNBC. 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