Singapore economy shrinks over 40% in second quarter, confirming recession

Singapore’s economy contracted 41.2% in the second quarter from the previous three months, entering a technical recession, preliminary data showed on Tuesday, as lockdown measures against the COVID-19 outbreak inflicted pain on the trade-reliant economy. Economists polled by Reuters had expected a 37.4% shrinkage. On a year-on year basis, gross domestic product (GDP) plunged 12.6%, the Ministry of Trade and Industry said in a statement. Economists had forecast a 10.5% contraction.

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