Singapore GDP shrinks most since global financial crisis

Singapore is projecting that its economy will shrink up to 4% this year due to the Covid-19 pandemic. – EPA pic, March 26, 2020.

SINGAPORE’S economy, a bellwether for trade-reliant Asian countries, suffered its worst contraction since the global financial crisis in the first quarter as the coronavirus pandemic escalated, official data showed today.

The trading hub’s GDP shrank 2.2% year-on-year in the first quarter, according to advance estimates by the trade ministry. Compared with the previous quarter, GDP fell by 10.6%.

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