The Ministry of Trade and Industry revised its full-year forecast for Singapore to register an economic contraction of between 5% and 7% in 2020.
Singapore's economy contracted by 42.9% in the second quarter of 2020 compared to the previous quarter — sending the Southeast Asian country into a technical recession, the Ministry of Trade and Industry said.
On a year-on-year basis, the economy shrank by 13.2% in the quarter ended June 30, according to the ministry.Suhaimi Abdullah | Getty Images The estimate, computed largely from data in April and May, had shown the economy shrinking by 41.2% in the second quarter compared to the prior three months.
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