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 HomeEconomyGlobalArticlePandemic knocks Singapore into recession as GDP plummets 41% in Q2 GDP dived by a record 41.2% in the three months ended March    People cross a street at the shopping district of Orchard Road as the city state reopens the economy, amid the coronavirus disease (COVID-19) outbreak, in Singapore June 19, 2020. SINGAPORE - Singapore's trade-reliant economy plunged into recession in the second quarter with a record contraction, signalling a rough first half globally and an equally challenging outlook as the coronavirus crisis exacts a heavy toll on business and demand.Gross domestic product (GDP) dived 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.That was worse than economists' expectations for a 37.4% decline in the quarter when Singapore was under a lockdown to curb the spread of the virus.Gross domestic product (GDP) dived 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.SINGAPORE - Singapore's trade-reliant economy plunged into