Singapore's economy suffered its biggest contraction in a decade in the fir...
SINGAPORE - Singapore’s economy suffered its biggest contraction in a decade in the first quarter, data showed on Thursday, as the coronavirus pandemic prompted the city-state to cut its full-year GDP forecast and plan for a deep recession.
The economy of the Asian financial and trading hub shrank 2.2% in the first quarter from a year earlier, preliminary readings from the Ministry of Trade and Industry showed. “The COVID-19 outbreak has escalated, and led to a significant deterioration in the economic situation both externally and domestically,” the trade ministry said.
“The extent of the first two months already tells you...how bad it is going to get,” said Selena Ling, head of treasury research and strategy at OCBC Bank.
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