Tough time: A container vessel is docked at the port in Singapore. MTI in May forecast a full-year contraction of 7% to 4% – making the current recession Singapore’s worst-ever since independence in 1965. — AFP
SINGAPORE’s economy shrank by 12.6% year-on-year in the second quarter, according to advance estimates from the Ministry of Trade and Industry (MTI) last Tuesday, as the coronavirus pandemic took their toll.
The decline in gross domestic product (GDP) is worse than the 10.5% drop economists had anticipated in a Bloomberg survey.
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