Monday 30 March 2020
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business-standard - 4 days ago

Singapore GDP contracts sharply, in warning for virus-hit global economy

Singapore s economy suffered its biggest contraction since the financial crisis during the first quarter as the coronavirus pandemic escalated, data showed Thursday, an ominous sign of the devastation being inflicted on the global economy. The finance minister meanwhile announced 48 billion Singapore Dollars (USD33 billion) in fresh stimulus, taking to about 55 billion Dollars the amount so far pledged by the government to help the export-reliant financial hub weather the downturn. One of the world s most open economies which is viewed as a barometer for the health of global trade, Singapore is now heading for a deep recession this year after shrinking 2.2 per cent on-year in January-March. COVID-19 is like an economic tsunami hitting Singapore s shores, said Selena Ling, head of research and strategy at the city-state s OCBC Bank. Singapore is one of the first economies to report growth data since the virus outbreak began, and the dismal figures add to signs the world is heading ..

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