July 14, 2020.
Singapore is in recession after its growth fell 41.2 per cent quarter-on-quarter, with the island nation that is heavily dependent on trade badly affected by the Covid-19 pandemic.
Data from its trade ministry show that year-on-year, the economy shrank 12.6 per cent between April and June, which was the second consecutive quarter of contraction.
The ministry explained that the second-quarter drop in GDP was the result of Covid-19 containment measures which were implemented from April 7 to June 1.
It attributed the contraction to the suspension of non-essential services and closure of most workplace premises as well as weak external demand amidst a global economic downturn.