Singapore's economy contracted 13.2 percent year on year in the second quarter of 2020 (Photo: AFP/VNA) Hanoi (VNA) – The Singaporean economy suffered a deeper recession in the second quarter than earlier estimated as it contracted by 13.2 percent year on year, compared to the previous prediction of -12.6 percent.
The country’s Ministry of Trade and Industry (MTI) said on August 11 that given the fall, it now forecasts this year’s gross domestic product (GDP) will shrink between 7 percent and 5 percent, instead of the previously predicted decline of 4 to 7 percent.
The second-quarter GDP plunge was due to the circuit breaker measures implemented from April 7 to June 1 to slow the spread of COVID-19 in Singapore, as well as weak external demand amid a global economic downturn caused by the pandemic, said MTI in a statement.
Singapore's central bank eased its monetary policy in March, while the government recently pumped in nearly 100 billion SGD (72 billion USD) worth of stimulus to blunt the impact of the pandemic./.
VNA
