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SINGAPORE – Singapore’s financial system remains robust and resilient even as the economy suffers its most severe downturn due to the coronavirus pandemic, central bank chief Ravi Menon said on Thursday.
Data this week showed that the trade-reliant economy plunged into recession in the second quarter after contracting by a record 41.2 per cent.
There was substantial uncertainty over the global economic outlook, the Monetary Authority of Singapore’s (MAS) managing director told a news conference after the central bank’s annual report was released.
“The economic situation remains dire. The recovery is likely to be slow and uneven, weighed down by renewed outbreaks of infection here or abroad,” he said.
The MAS maintained its official GDP forecast in the range of -4 per cent to -7 per cent for 2020, keeping Singapore on track for its biggest-ever slump.
The central bank eased its monetary policy in March, while the government has pumped in nearly $100 billion worth of stimulus and emergency relief measures to blunt the impact of the pandemic and lockdown measures.
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