August 11, 2020

Virus-hit Singapore’s Q2 recession deeper than estimated

Singapore (AFP) – Singapore’s virus-hammered economy shrank almost 43 percent in the second quarter, in a sign that the country’s first recession in more than a decade was deeper than initially estimated, official data showed Tuesday.Tough curbs within the city state to contain the coronavirus pandemic took a heavy toll on the economy, which is largely dependent on global trade and tourism.Gross domestic product fell 42.9 percent in the three months to June from the previous quarter, worse than the government’s advance estimate of a 41.2-percent contraction released last month based on two mon…


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