Virus-hit Singapore plunges into recession as economy shrinks 41% - Tip News
Virus-hit Singapore plunges into recession as economy shrinks 41%
13/07/2020 11:00 pm
'Tiny Singapore, viewed as a barometer for the health of global trade, is highly sensitive to external shocks, and the gloomy figures are another ominous sign for the global economy
' - By: AFP/File ROSLAN RAHMAN
Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus, preliminary data showed Tuesday.
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, meaning that the city state -- which has one of the world's most open economies -- has entered a recession for the first time in more than a decade.
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," the ministry said in a statement.
It also attributed to the contraction to "weak external demand amidst a global economic downturn".
Tiny Singapore, viewed as a barometer for the health of global trade, is highly sensitive to external shocks, and the gloomy figures are another ominous sign for the global economy.
The US economy regained 1.8 million jobs in July, a solid but unremarkable result that comes as President Donald Trump prepares for a difficult re-election bid, but economists warn challenges to the pandemic recovery are growing.As COVID-19 cases spiked in sev
Aberdeen's Scottish Premiership game at St Johnstone has been postponed after two players tested postive for coronavirus, sparking a furious reaction from First Minister Nicola Sturgeon.The Scottish government and football authorities had agreed on Thursday t
England's upcoming white-ball tour to India has been postponed due to disruption caused by coronavirus, cricket chiefs announced on Friday.A programme of three one-day internationals and three Twenty20 games, originally due to start in late September, would h
Bollywood actors and crew aged over 65 will be allowed to resume shoots, an industry official said Friday, after an Indian court overturned coronavirus restrictions limiting the presence of older people on film sets.The world's most prolific film industry has