Connect with us

NEWS

Singapore’s economy plunges into recession amid COVID-19 impact

Published

on

Health workers takes nasal swab test samples from essential workers to detect the COVID-19 novel coronavirus before the workers return to work in Singapore.

A second quarter 41.2 per cent fall has plunged Singapore into recession with the trade-dependent economy hit hard by the coronavirus.

Year-on-year, the economy shrank 12.6 percent between April and June, according to the data from the trade ministry, as strict curbs were imposed to fight the virus.

It marks the second consecutive quarter of contraction, resulting in the city state with the world’s most open economies sliding into recession for the first time in more than a decade.

 According to the ministry, the massive second-quarter drop in GDP was due to “measures that were implemented from 7 April to 1 June to slow the spread of COVID-19, which included the suspension of non-essential services and closure of most workplace premises,” said in a statement.

It also attributed to the contraction to “weak external demand amidst a global economic downturn.

Report says Singapore remains a barometer for the health of global trade and could be highly sensitive to external shocks.

Experts say, the gloomy shadows cast by the country’s economy is another ominous sign for the global economy.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending