People walking near commercial buildings in the central business district in Singapore. Singapore's economy, a bellwether for trade-reliant Asian countries, suffered its worst contraction since the global financial crisis in the first quarter as the coronavirus pandemic escalated, official data shows on March 26. - AFP
SINGAPORE (AFP): Singapore's economy suffered its biggest contraction since the financial crisis during the first quarter as the coronavirus pandemic escalated, data showed Thursday (March 26), an ominous sign of the devastation being inflicted on the global economy.
The export-reliant financial hub -- one of the world's most open economies and which is viewed as a barometer for the health of global trade -- is now heading for a deep recession this year after shrinking 2.2 per cent on-year in January-March.
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