“We believe the contraction in GDP will trough in 2Q20, given the ‘circuit breaker’ and ‘phase one’ restrictions in this period,” explains economist Barnabas Gan in a July 9 Macro note.
SINGAPORE (July 9): United Overseas Bank (UOB) is calling a 10.5% year-on-year contraction for Singapore’s 2Q20 Gross Domestic Product (GDP).
On a quarterly basis, this translates to a 34.6% contraction, making this the city state’s first technical recession since 1Q09 during the Global Financial Crisis (GFC).
