GlobalData: Singapore’s construction industry to plummet by 14.1% in 2020
The COVID-19-induced economic uncertainty has disrupted Singapore’s construction industry, with output now expected to plummet by 14.1% in 2020, according to GlobalData.
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The COVID-19-induced economic uncertainty has disrupted Singapore’s construction industry, with output now expected to plummet by 14.1% in 2020, according to GlobalData.
The company forecasts that the worst of the pandemic’s impact on the UK construction industry is still to come.
The Covid-19 pandemic is expected to contract the Swedish construction industry by 4%, says GlobalData.
According to the company, construction output is set to contract in South and South-East Asia as a result of the coronavirus causing disruption to the construction industries.
Due to COVID-19 related disruptions and worsening economic conditions, GlobalData forecasts the Russian construction industry to contract by 3.8% in 2020.
The company predicts that the construction industry in South Korea will contract due to containment measures for COVID-19 and slower economic growth adversely affecting the industry.
The company has cut its construction output growth forecast for Mexico to -7% in 2020, down from the previous forecast projection of -1.5%.
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The country’s government is still pursuing investments in the energy market, which is a positive outturn for the construction industry in Egypt, GlobalData reports.
The data and analytics company has revised its construction output growth forecast for Sub-Saharan Africa (SSA) in 2020 to 3.6%, down from the previous projection of 6% (Q4 2019 update).
The company predicts that, across the globe, the construction industry will be heavily affected due to the coronavirus (COVID-19) outbreak.
The BetonTage exhibition is to be held in Neu-Ulm, Germany, from 18 – 21 February 2020.