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Singapore heads towards first full-year recession due to COVID-19

The world has been given an indication of the economic impact of coronavirus as Singapore released its initial growth figures for this quarter.
 
The trade-reliant city state now looks to be heading for its first full-year recession in about two decades.
 
Singapore said gross domestic product (GDP) shrank 2.2% year-on-year while, compared with the previous quarter, GDP fell by 10.6%.
 
The figures suggest that the global economy is also set for a sharp contraction.
 
This week the International Monetary Fund warned of a global recession worse than the one after the 2008 financial crisis.
 


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