Pandemic knocks Singapore into recession

At a time when global trade has significantly nosedived, Singapore’s trade-reliant economy plunged into recession in the second quarter, with its Gross domestic product (GDP) contracting by a record 41.2% on a quarter-on-quarter annualised basis. These estimates are far worse than economists’ expectations for a 37.4% decline in the quarter when the country was under a lockdown to curb the spread of the viru
Gross domestic product (GDP) dived by a record 41.2% in the three months ended June, on a quarter-on-quarter annualised basis, preliminary data from the Ministry of Trade and Industry.