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Some American states plan to re-open economy despite coronavirus testing concerns – Global News

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Boeing and at least one other U.S. heavy-equipment manufacturer resumed production and some states rolled out aggressive reopening plans Monday, despite nationwide concerns there is not enough testing yet to keep the coronavirus from rebounding.

The reopenings came amid economic gloom, as futures plunged below zero on Monday and stocks and Treasury yields also dropped on Wall Street. The cost to have a barrel of U.S. crude delivered in May plummeted to negative US$37.63. It was at roughly US$60 at the start of the year.


READ MORE:
Coronavirus: Dozens of companies on wait-list to distribute test kits in Canada amid shortage

Boeing said it was putting about 27,000 people back to work this week building passenger jets at its Seattle-area plants, with virus-slowing precautions in place, including face masks and staggered shifts. Doosan Bobcat, a farm equipment maker and North Dakota’s largest manufacturer, announced the return of about 2,200 workers at three factories around the state.

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Elsewhere around the world, step-by-step reopenings were underway in Europe, where the crisis has begun to ebb in places such as Italy, Spain and Germany.






4:03
Coronavirus around the world: April 20, 2020


Coronavirus around the world: April 20, 2020

Parts of the continent are perhaps weeks ahead of the U.S. on the infection curve of the virus, which has killed about 170,000 people worldwide, according to a tally kept by Johns Hopkins University.

Businesses that start operating again in the U.S. are likely to engender good will with the Trump administration at a time when it is doling out billions in relief to companies. But the reopenings being announced are a drop in the bucket compared with the more than 22 million Americans thrown out of work by the crisis.


READ MORE:
Calls for probe into China’s coronavirus response mount — will Canada take part?

In a dispute that has turned nakedly political, U.S. President Donald Trump has been agitating to restart the economy, singling out Democratic-led states and egging on protesters who feel governors are moving too slowly.

Some states — mostly Republican-led ones — have relaxed restrictions, and on Monday announced that they would take further steps to reopen their economies.

Georgia Gov. Brian Kemp announced that gyms, hair salons, bowling alleys and tattoo parlors were among businesses that could reopen Friday, as long as owners followed strict social distancing and hygiene requirements.

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0:49
Coronavirus outbreak: Pence says U.S. has testing capacity to go to phase 1 reopening


Coronavirus outbreak: Pence says U.S. has testing capacity to go to phase 1 reopening

The governor said a decline in emergency room visits by people with flu-like symptoms indicated that infections were going down. But he also acknowledged that Georgia had lagged in COVID-19 testing and announced new initiatives to ramp it up.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

Texas on Monday began a week of slow reopenings, starting off with state parks, while officials said that later in the week, stores would be allowed to offer curbside service. Tennessee Gov. Bill Lee announced Monday that businesses across most of the state would begin reopening as early as next week, although the order did not cover counties with the largest cities, including Nashville, Memphis, Knoxville and Chattanooga. Both states are led by Republicans.


READ MORE:
‘Give me liberty or … COVID-19’: The irony of coronavirus protests in the U.S.

Republican West Virginia Gov. Jim Justice said Monday that he would allow hospitals to begin performing elective procedures if the facilities met an unspecified set of criteria, while Democratic Colorado Gov. Jared Polis said Monday that he would let his statewide stay-at-home order expire next week as long as strict social distancing and other individual protective measures continued.






2:10
Several U.S. states start easing COVID-19 restrictions


Several U.S. states start easing COVID-19 restrictions

But governors from many other states said they lacked the testing supplies they need and warned they could get hit by a second wave of infections, given how people with no symptoms can still spread the disease.

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“Who in this great state actually believes that they care more about jet skiing than saving the lives of the elderly or the vulnerable?” Democratic Michigan Gov. Gretchen Whitmer remarked, referring to restrictions in place in her state. “This action isn’t about our individual right to gather. It’s about our parents’ right to live.”


READ MORE:
Live updates: Coronavirus in Canada

Trump took to Twitter to complain that the “radical left” and “Do Nothing Democrats” are “playing a very dangerous political game” by complaining about a testing shortage. At the same time, Vice President Mike Pence told governors that Washington is working around-the-clock to help them ramp up testing.

The death toll in the U.S. stood at more than 40,000 — the highest in the world — with over 750,000 confirmed infections, by Johns Hopkins’ count. The true figures are believed to be much higher, in part because of limited testing and difficulties in counting the dead.






2:10
Trump fights with governors over reopening


Trump fights with governors over reopening

In other developments:

— Republican Maryland Gov. Larry Hogan announced his state will be able to test 500,000 more people for COVID-19 thanks to a shipment of tests from South Korea. His wife, Yumi Hogan, who is Korean-American, negotiated the shipment with Korean officials. Trump said at an afternoon briefing that governors like Hogan and Democratic Gov. J.B. Pritzker of Illinois don’t understand they already have the testing capacity they need to begin the first phase of reopening their states.

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— Massachusetts has emerged as an alarming hot spot of contagion, with over 1,700 dead and officials hoping to bend the curve through aggressive contract tracing.


READ MORE:
How many Canadians have the new coronavirus? Total number of confirmed cases by region

— New York, with the worst outbreak in the nation, reported that hospitalizations in the state have leveled off and the day’s death toll, at 478, was the lowest in three weeks, down from a peak of nearly 800. Still, the city canceled three of its biggest June events: the Puerto Rican Day parade, the Israel parade and the gay pride march.






1:52
Coronavirus outbreak: Trump touts progress in search for COVID-19 treatments


Coronavirus outbreak: Trump touts progress in search for COVID-19 treatments

— A meatpacking plant in Minnesota was shut down after an outbreak there. But Iowa Gov. Kim Reynolds refused to order the closing of any slaughterhouses in her state that are seeing alarming increases in COVID-19, saying: “Without them, people’s lives and our food supply will be impacted.”

Mobilized by the far right, many Americans have taken to the streets in places such as Michigan, Ohio and Virginia, complaining that the shutdowns are destroying their livelihoods and trampling their rights.


READ MORE:
‘Worst is yet ahead of us’ in coronavirus outbreak, WHO warns

But Dr. Anthony Fauci, the government’s top infectious-disease expert, warned on ABC: “Unless we get the virus under control, the real recovery economically is not going to happen.”

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Boeing’s shutdown went into effect March 25 after workers tested positive for the virus and an inspector for the company died. Washington was the first state to see a spike in COVID-19 cases and enacted strict shutdown orders that helped tamp the virus down.






1:51
Coronavirus outbreak: U.S. looking to top up oil reserves as prices plummet, Trump says


Coronavirus outbreak: U.S. looking to top up oil reserves as prices plummet, Trump says

The crisis has exacerbated problems at Boeing, which is in dire financial trouble and under federal investigation over two crashes of its 737 MAX jetliner that killed 346 people.

Union representatives spent the day walking through factories to see what safeguards had been put in place.

At Doosan Bobcat, spokeswoman Stacey Breuer said the reopening came after two weeks spent putting in safety measures.


READ MORE:
‘Go to China!’: ‘Nurses’ hailed for blocking anti-quarantine ‘Karen’ at coronavirus protest

“There is definitely still some concern and do we feel 100% safe? Obviously not,” said William Wilkinson, a Bobcat welder and president of a United Steelworkers union local. He said workers there were wearing face masks and keeping their distance from one another.

Detroit’s major automakers suspended operations a month ago but are negotiating with union leaders in hopes of reopening in May. Some operations are being converted to build ventilators.






1:00
Coronavirus outbreak: Drone deliveries help elderly Chileans vulnerable to COVID-19


Coronavirus outbreak: Drone deliveries help elderly Chileans vulnerable to COVID-19

Even with the outbreak easing in places, the head of the World Health Organization, Tedros Adhanom Ghebreyesus, cautioned, “The worst is yet ahead of us.” He did not specify why he believed so. But there were signs the virus was swelling in Africa, where the health care system is in poor condition.

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Long reported from Washington. Corder reported from The Hague, Netherlands. AP writers worldwide contributed to this report.

© 2020 The Canadian Press

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Why the stock market is outperforming the economy: Morning Brief – Yahoo Canada Finance

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Tuesday, May 26, 2020” data-reactid=”16″>Tuesday, May 26, 2020

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET.&nbsp;” data-reactid=”17″>Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Subscribe” data-reactid=”18″>Subscribe

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Corporate profits look better than expected, the economy looks worse than expected” data-reactid=”19″>Corporate profits look better than expected, the economy looks worse than expected

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="During the early days of the coronavirus pandemic, economic and market forecasters were flying blind.” data-reactid=”20″>During the early days of the coronavirus pandemic, economic and market forecasters were flying blind.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Accelerating numbers of confirmed COVID-19 cases along with sudden lockdowns around the globe made it impossible to estimate with any accuracy the kind of impact economies and businesses would see.” data-reactid=”21″>Accelerating numbers of confirmed COVID-19 cases along with sudden lockdowns around the globe made it impossible to estimate with any accuracy the kind of impact economies and businesses would see.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As preliminary March data — which captured the earliest impacts of these lockdowns — started to trickle in, forecasters were quick to slash their expectations. Economists predicted depression-like numbers and the financial market pros predicted earnings would crash.” data-reactid=”22″>As preliminary March data — which captured the earliest impacts of these lockdowns — started to trickle in, forecasters were quick to slash their expectations. Economists predicted depression-like numbers and the financial market pros predicted earnings would crash.

Now, after two months and many economic and earnings reports later, two narratives have emerged: the U.S. economy as a whole is in worse shape than expected, and the profits of America’s biggest corporations are doing better than expected.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The economy looks worse” data-reactid=”24″>The economy looks worse

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Following the releases of April economic numbers, including dismal jobs numbers and disastrous retail numbers, economists revised their forecasts even lower.” data-reactid=”25″>Following the releases of April economic numbers, including dismal jobs numbers and disastrous retail numbers, economists revised their forecasts even lower.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On May 12, Goldman Sachs cut its GDP forecasts and while warning the unemployment rate would spike to 25%. The same day Goldman cut its forecasts, Credit Suisse economists made similar cuts while warning “a longer growth slump will outlast fiscal relief.”” data-reactid=”26″>On May 12, Goldman Sachs cut its GDP forecasts and while warning the unemployment rate would spike to 25%. The same day Goldman cut its forecasts, Credit Suisse economists made similar cuts while warning “a longer growth slump will outlast fiscal relief.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="BofA economists lowered their GDP estimates last Wednesday, warning that GDP in Q2 would fall at a 40% rate while saying the recession will be “unlike anything we have seen in modern history.”” data-reactid=”27″>BofA economists lowered their GDP estimates last Wednesday, warning that GDP in Q2 would fall at a 40% rate while saying the recession will be “unlike anything we have seen in modern history.”

And just on Friday, JPMorgan economists cut their 2021 GDP forecasts while warning the unemployment rate would stay above 10% through at least the end of the year.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Big companies are doing better” data-reactid=”29″>Big companies are doing better

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Through Friday, 97% of S&amp;P 500 (^GSPC) companies had announced their Q1 financial results, including many retailers whose quarters went through April.” data-reactid=”30″>Through Friday, 97% of S&P 500 (^GSPC) companies had announced their Q1 financial results, including many retailers whose quarters went through April.

And these numbers have mostly been better than expected.

“Although aggregate earnings are beating estimates by +2.6%, ex-Financials, earnings are surpassing expectations by +7.1%, with 65% of companies exceeding their lowered projections,” Credit Suisse’s Jonathan Golub wrote on Friday.

To be clear, it looks like earnings per share will have been down by around 14% in Q1. But the takeaway is that analysts were expecting worse.

“Expectations were -10.5% at the end of March, and -25.3% when 1Q reporting season began,” Golub added.

These better-than-expected earnings results help, in part, explain the rebound in the stock market.

The U.S. economy appears to be in worse shape than expected. (AP)
The U.S. economy appears to be in worse shape than expected. (AP)

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Bigger companies cash in as their smaller competitors struggle” data-reactid=”47″>Bigger companies cash in as their smaller competitors struggle

We’re aware that Corporate America is a part of the U.S. economy, and so these stories aren’t mutually exclusive. Still, these diverging narratives call attention to the fact that big companies have massive advantages in the current environment as everyone else struggles to keep up.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="With many small businesses shuttered and tens of millions of Americans workers headed to the unemployment office, government stimulus checks have made their way to big retailers like Amazon and Walmart, which both reported blowout quarterly numbers.” data-reactid=”49″>With many small businesses shuttered and tens of millions of Americans workers headed to the unemployment office, government stimulus checks have made their way to big retailers like Amazon and Walmart, which both reported blowout quarterly numbers.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“The stimulus might as well be called the Amazon and Walmart shareholder act,” NYU professor Scott Galloway said to Yahoo Finance. “There are some unintended consequences here. The strong are getting stronger.”” data-reactid=”50″>“The stimulus might as well be called the Amazon and Walmart shareholder act,” NYU professor Scott Galloway said to Yahoo Finance. “There are some unintended consequences here. The strong are getting stronger.”

For Galloway, what’s happening in business now was inevitable. “The future doesn’t look any different. It’s just being accelerated faster… After 11 years of a bull economy, a lot of these small businesses quite frankly just shouldn’t be around. And they have to adapt and reshape.”

However, many would contend that it’s unreasonable for all businesses to have prepared a financial buffer for a pandemic that led to an unexpected, fragmented, government-mandated, months-long economic shutdown.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“We let big box retailers stay open because they sell essential goods, but they also sell the same nonessential goods that small stores — who were forced to close — normally do,” Gary Cohn, former director of the National Economic Council recently tweeted. “We can’t let this run small stores out of business and need to make sure we level the playing field.“” data-reactid=”57″>“We let big box retailers stay open because they sell essential goods, but they also sell the same nonessential goods that small stores — who were forced to close — normally do,” Gary Cohn, former director of the National Economic Council recently tweeted. “We can’t let this run small stores out of business and need to make sure we level the playing field.“

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="By Sam Ro, managing editor. Follow him at @SamRo” data-reactid=”58″>By Sam Ro, managing editor. Follow him at @SamRo

What to watch today

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Economy” data-reactid=”60″>Economy

  • 8:30 a.m. ET: Chicago Fed National Activity Index, April (-4.19 in March)

  • 9 a.m. ET: FHFA House Price Index month-on-month, March (+0.6% expected, +0.7% in February)

  • 9 a.m. ET: S&P CoreLogic CS 20-City home price index MoM SA, March (0.3% estimated, 0.45% in February); S&P CoreLogic CS 20-City YoY NSA, March (3.4% estimated, 3.47% in February)

  • 10 a.m. Conference Board Consumer Confidence, May (87.5 expected, 86.9 in April)

  • 10 a.m. ET: New Home Sales, April (500,000 expected, 627,000 in March); New Home Sales month-on-month, April (-20.3% expected, -15.4% in March)

  • 10:30 a.m. ET: Dallas Fed Manufacturing Index, May (-73.7 in April)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Earnings” data-reactid=”68″>Earnings

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Pre-market” data-reactid=”69″>Pre-market

  • 6:55 a.m. ET: AutoZone (AZO) before market open

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="READ MORE” data-reactid=”72″>READ MORE

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="European stocks rise as all UK shops allowed to reopen next month [Yahoo Finance UK]” data-reactid=”74″>European stocks rise as all UK shops allowed to reopen next month [Yahoo Finance UK]

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<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="YAHOO FINANCE HIGHLIGHTS” data-reactid=”78″>YAHOO FINANCE HIGHLIGHTS

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Spotify, Amazon, Apple, and Barstool Sports are all betting big on podcasts” data-reactid=”79″>Spotify, Amazon, Apple, and Barstool Sports are all betting big on podcasts

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Joy, confusion over money allocated for niche U.S. schools amid coronavirus” data-reactid=”80″>Joy, confusion over money allocated for niche U.S. schools amid coronavirus

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Editor’s note: Morning Brief will be observing Memorial Day. We will return Tuesday, May 26.” data-reactid=”83″>Editor’s note: Morning Brief will be observing Memorial Day. We will return Tuesday, May 26.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.” data-reactid=”85″>Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Find live stock market quotes and the latest business and finance news” data-reactid=”86″>Find live stock market quotes and the latest business and finance news

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For tutorials and information on investing and trading stocks, check out&nbsp;Cashay” data-reactid=”87″>For tutorials and information on investing and trading stocks, check out Cashay

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Include question period in Phase 2 of Manitoba's economy restart, NDP says – CBC.ca

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If restaurants, pools and gyms can reopen in the next sweeping phase of Manitoba’s reopening plan, so should a democratic institution holding the government to account, the Official Opposition says.

NDP Leader Wab Kinew wrote to Dr. Brent Roussin and the premier on Monday, arguing the restoration of regular sitting days of question period should be included in Phase 2 of the economy restart, like the many eateries and recreation centres that can soon open their doors.

No date is attached to the second phase yet. 

“The democratic functions of the Legislative Assembly are an essential part of our province,” the letter reads.

“Other provincial legislatures and Parliament are ensuring that regular sittings of their Houses will take
place in June and during the summer.”

Another edition of question period will occur on Wednesday, but no additional dates have been set. The legislature normally goes on summer recess in early June.

Sittings limited during pandemic

The legislature usually meets four days a week throughout much of spring, but sittings were indefinitely suspended by the COVID-19 pandemic in mid-March. 

There has since been one emergency meeting to pass COVID-19 legislation and three question periods in May. 

While negotiations between party house leaders for extra sitting dates have happened, no plan has been ironed out.

“It seems odd to me that when we look at Phase 2, I might be able to get a tattoo on my way to the gym after which I visited a patio, but I wouldn’t be able to hear the Premier answer accountability questions in Question Period,” Kinew said.

On Monday, the Liberals called for sittings every Monday to Thursday in June.   

House Leader Jon Gerrard says the existing sittings, conducted with a reduced number of MLAs, demonstrate the legislature can function under physical distancing and sanitation requirements.

“We have seven weeks of work to make up, and unless we go back with more sitting days, it is not going to get done,” Gerrard said in a news release.

“We should be sitting in June and September to make sure that the PCs have to justify and defend their agenda in public.” 

A number of Progressive Conservative MLAs are seen in the legislature in March 2020. (Gary Solilak/CBC )

Premier Brian Pallister was non-committal last week when asked about more question periods.

“I understand the job of opposition parties is to do what the opposition is trying to do here now,” he said in a media briefing.

“That being said, we’re focused in the middle of a pandemic on the recovery of our province and we’re also focused on being available in an appropriate manner, in a safe manner, here in the legislature and always to answer questions that the opposition and you in the media may have.”

The government said Monday that the health department is comfortable with the physical distancing measures in place for question period. Any additional sitting dates must be negotiated between the parties. 

During the pandemic, Manitoba legislators are meeting more frequently than their counterparts in other provinces. 

The Saskatchewan and Nova Scotia legislatures haven’t been recalled since mid-March. New Brunswick has only met once to consider COVID-19 legislation and Prince Edward Island will resume sitting tomorrow. 

The Manitoba NDP, however, says the provinces representing the vast majority of the population — including Ontario, Quebec, Alberta and British Columbia — have sitting dates in June. 

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Singapore cuts 2020 GDP outlook again as virus batters economy – TheChronicleHerald.ca

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By Aradhana Aravindan and John Geddie

SINGAPORE (Reuters) – Singapore downgraded its 2020 gross domestic product forecast for the third time on Tuesday, the trade ministry said, as the bellwether economy braces for its deepest ever recession.

The city-state lowered its GDP forecast to a contraction range of -7% to -4% from the prior range of -1% to -4%.

Singapore’s economy shrank 0.7% year-on-year in the first quarter and 4.7% on a quarter-on-quarter, a less severe decline than advance estimates, although officials and analysts warned of more pain ahead.

“There continues to be a significant degree of uncertainty over the length and severity of the COVID-19 outbreak, as well as the trajectory of the economic recovery,” said Gabriel Lim, permanent secretary at the ministry of trade and industry.

Following the news, the central bank chief economist Ed Robinson said monetary policy remains unchanged and will next be reviewed in October, as planned.

Singapore also downgraded its 2020 forecast for non-oil domestic exports to -4.0% to -1.0%, from -0.5% to 1.5% previously.

Exports have been a rare bright spot for the economy in recent months mainly due to a surge in demand for pharmaceuticals.

Analysts expect the trade-reliant economy to see a deeper contraction in the second quarter due to a two-month lockdown, dubbed a “circuit breaker” by authorities, in which most workplaces closed to curb the spread of the novel coronavirus.

The city-state has among the highest number of infections in Asia and has said that easing of the lockdown from next month will only be done gradually.

“The downward revision…implies a significant deterioration in the second-quarter momentum due to the circuit breaker period as well as a weak recovery trajectory,” said Selena Ling, OCBC Bank’s head of treasury research and strategy.

The government first flagged the possibility of recession in February when it cut its 2020 GDP forecast to -0.5% to 1.5%, from 0.5% to 2.5% previously.

Singapore’s finance minister is set to deliver the latest in a string of multi-billion-dollar economic packages to offset the hit to businesses and households from the pandemic later on Tuesday.

(Reporting by John Geddie, Aradhana Aravindan and Fathin Ungku; Editing by Sam Holmes)

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