Singapore covid-19 pandemic infection Singapore

Pandemic to bite deeply, GDP to shrink by 6% in FY21: Report

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COVID-19 caseload in economically key states, Singaporean brokerage DBS on Wednesday forecast deeper distress for the country which will lead to a 6% growth contraction in FY21.In its earlier forecast, the brokerage had penciled in a minus 4.8% growth for the current fiscal.According to the report, just 7% of the districts in economically key states of Maharashtra, Tamil Nadu and Gujarat, accounting for 30.5% of the national economic output, and in Karnataka and Andhra Pradesh account for as much as 70% of the caseload.This will prolong the recovery and the pandemic is set to take a deeper economic bite, it said.The virus infections have crossed 1.15 million in the country while the death due to the same are close to 29,000 now, making the.

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