Singapore’s economy shrinks by over 40 per cent in Q2, entering recession

Singapore’s export-focused economy sharply contracted in the second quarter according to early estimates released by the trade ministry, sending the city state into a technical recession and putting it on track for its worst economic showing since independence.As one of the first Asian economies to publish quarterly data, Singapore is often seen as a bellwether for the region. lts GDP for the second quarter shrank by 41.2 per cent on a quarter-on-quarter, seasonally adjusted annualised basis,…

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