Singapore recession worse than thought as GDP falls 13.2 per cent in second quarter

Singapore’s recession was deeper than first estimated in the second quarter as the coronavirus pandemic dealt a major blow to Asia’s trade-reliant economies.The city state was under a lockdown for most of the second quarter to curb the spread of the virus.Gross domestic product (GDP) fell 13.2 per cent year on year in the second quarter, revised government data showed on Tuesday, versus the 12.6 per cent drop seen in advance estimates.The economy fell 42.9 per cent from the previous three…

Read the original article at South China Morning Post