In its latest half-yearly macroeconomic review released on April 28, MAS noted the decline follows the unprecedented blow caused by the global health crisis which had over 2.9 million cases and at least 200,000 reported deaths as of end April. To curb the spread, many countries have implemented public health measures restricting human movement and the consumption of non-essential social activities. And these have caused major weakness in Singapore’s economy.
SINGAPORE (Apr 30): Singapore’s GDP staged a grim 2.2% year-on-year contraction in the first quarter of the year, amid disrupted global supply chains and uncertainty over the course of the Covid-19 pandemic, the Monetary Authority of Singapore (MAS) says.
On a seasonally-adjusted quarter-on-quarter basis, the city-state’s economy shrank 10.6% in 1Q2020 — a sharp retraction from the 0.6% growth recorded in the preceding 4Q2019. The data is also a deviation from the “tepid recovery” anticipated by market watchers.
