Singapore’s economy shrinks by over 40 per cent in Q2, on track for recession

Singapore’s export-focused economy recorded a sharp contraction in the second quarter, according to early estimates released by the trade ministry, with the city state well on track to confront its worst full-year recession since independence, fuelled by the coronavirus pandemic.Its economy – often seen as a bellwether for the region – contracted by 12.6 per cent year-on-year in the April to June period, said the Ministry of Trade and Industry (MTI) on Tuesday, and shrank by 41.2 per cent on a…

from South China Morning Post https://www.scmp.com/week-asia/economics/article/3093040/singapores-economy-shrinks-over-40-cent-q2-track-recession