Singapore slips into virus-led recession, GDP drops 41% in second quarter
Singapore’s economy recorded its sharpest contraction in the second quarter. This placed the trade-dependent city-state into recession as it is also expected to suffer from its worst inactivity this year on virus-beaten businesses.
The city-state’s gross domestic product dropped 41.2% in the three months ended March, surpassing the economists’ prediction of a 37.4% decline. This came to be the worst record ever monitored on a quarter-on-quarter annualized basis, preliminary data from the Ministry of Trade showed on Tuesday.
The frail figures indicate the colossal damage brought by the novel coronavirus pandemic and suggest a weak first half for the economy. In addition to this, many major economies were seen struggling as they face their sharpest downturn in decades.