This archive report was first published on 14 July 2020.
Singapore's Economy Shrinks 12.6% Amid COVID-19 Lockdown ¶
Published on July 14, 2020
Singapore's economy contracted by 12.6% in the second quarter of 2020, marking the city-state's first recession in over a decade.
The contraction was largely due to measures implemented from April 7 to June 1 to slow the spread of COVID-19, including the suspension of non-essential services and closure of most workplace premises.
According to the trade ministry, the economy was also affected by weak external demand amidst a global economic downturn.
As a highly sensitive economy to external shocks, Singapore's recession is seen as an ominous sign for the global economy.
