Singapore economy seen shrinking in Q2 as two sectors struggle

Expected contraction: A recent picture of the Port of Singapore with the city in the background. Singapore’s economy is expected to have contracted almost 3% in the second quarter, a slight improvement from advance estimates but reaffirming the risk of a possible recession as the trade and manufacturing sectors struggle. — Bloomberg

SINGAPORE: Singapore’s economy is expected to have contracted almost 3% in the second quarter, a slight improvement from advance estimates but reaffirming the risk of a possible recession as the trade and manufacturing sectors struggle.

Final gross domestic product is forecast to have fallen 2.9% on a seasonally adjusted and annualised quarter-on-quarter basis, a Reuters poll showed.