Pandemic knocks Singapore into recession as GDP plummets 41% in Q2 – ZAWYA

Pandemic knocks Singapore into recession as GDP plummets 41% in Q2 – ZAWYA

Pandemic knocks Singapore into recession as GDP plummets 41% in Q2 | ZAWYA MENA Edition HomeEconomyArticlePandemic knocks Singapore into recession as GDP plummets 41% in Q2 On a year-on year basis, GDP dived 12.6% versus economists forecast for a 10.5% contraction    An aerial view shows commercial and residential buildings in central Singapore, June 22, 2019. SINGAPORE: Singapore's economy suffered a record contraction in the second quarter, tipping it into recession and putting the trade-reliant city-state on course for its worst ever slump this year as the coronavirus outbreak extracts a heavy toll on business.The grim numbers for the wealthy city-state, the first in Asia to report second-quarter GDP data, underscore the sweeping worldwide impact of the COVID-19 pandemic and suggest a rough first half for the global economy. Many major economies are already facing their steepest downturn in decades.Gross domestic product (GDP) plunged by a record 41.2% in the three months ended March, on a quarter-on-quarter annualised basis, preliminary data from the Ministry of Trade and Industry showed on Tuesday, worse than economists' expectations for a 37.4% decline in a Reuters poll.The grim numbers for the wealthy city-state, the first in Asia to report second-quarter GDP data, underscore the