The weak economic projections for the Singaporean economy

The weak economic projections for the Singaporean economy are very detrimental to the country’s beloved currency. Prices of the US dollar to Singaporean dollar exchange rate are bound to go up to their support level thanks to the recent reports about Singapore’s economy which cast a massive cloud of gloom in the country. Most experts say that Singapore’s economy is expected to shrink drastically in the third quarter of the year thanks to the coronavirus pandemic. The economic contraction in Singapore is said to be the country’s worst quarterly contraction in history according to the Singapore Department of Statistics. Meanwhile, the US dollar might finally see positive waters in the coming weeks as the US economy records better signs amidst the chaos faced by the country. The upbeat US jobs report last week was the main factor why the dollar gained as it eased the hopes of new stimulus measures from the government.