Singapore, Thailand lower growth projections amid coronavirus outbreak

Singapore and Thailand on Monday downgraded projections for their economies this year over concerns that a new coronavirus outbreak in China could hurt tourism and other sectors.In the worst-case scenario, Singapore's economy could even contract, the Ministry of Trade and Industry said, while forecasting gross domestic product to grow between minus 0.5 percent and 1.5 percent.The ministry had made a more sanguine forecast in November of 0.5 percent to 2.5 percent GDP growth for 2020.The hotel and aviation industries are expected to take a hit following Singapore's ban on visitors from China…READ FULL ARTICLE