Singapore shares closed 0.45 percent lower on Wednesday, as investors began to panic-sell shares amid collapsing oil prices.
The pressure for policy action has grown intense in regions such as the euro-zone as falling oil prices pulled consumer prices into negative territory last month. So far this week, Brent crude has lost 7 percent, hovering around 45 U.S. dollars per barrel on Wednesday.
The World Bank had lowered its global growth forecasts because of sluggishness in the euro-zone, Japan and some major emerging economies.