Because: China sneezes, S’pore in intensive care.

As an example of the slashing of forecasts, MayBank lowered S’pore’s GDP forecast by 38%.

MayBank’s highly respected local economist lowered his 2020 GDP growth forecast for S’pore from 1.8% to 1.1%. He said the virus outbreak and travel restrictions would hurt tourism and retail, while disruptions to China’s supply chain would have knock-on effects for manufacturers. Other economists also saying the same thing.

Meanwhile there was continued selling of the S$. It was down 0.6% against the US dollar by Wednesday afternoon in London according to the FT. It fell 0.9% earlier: https://finance.yahoo.com/news/singapore-says-monetary-policy-unchanged-022532822.html

It’s the third worst-performing currency in region this year, down 2.3%, according to Bloomberg. The Thai baht is the worst-performing currency in the region this year, according to Bloomberg, down 3% against the US dollar. Rupiah is the second worst-performing.

Think PAP govt dares raise GST this yr? Double confirm: No GST rise this year.