Alas, weakness is still spreading across several sectors. Consumer-facing industries such as retail are still feeling the heat of the pandemic, with total retail sales value plunging 5.7% y-o-y in August.
Businesses that are trying to quickly put behind the unprecedented economic contraction earlier this year in hopes of a quick 3Q rebound might have to dial back their expectations.
The beginning of the Phase Two measures — which permitted the resumption of in-store shopping and dining from June 19 — was assumed to have brought a much-needed lift to Singapore’s ailing economy for 3Q ended September, which follows a 13.2% y-o-y contraction in the preceding 2Q.
