Singapore's record recession was deeper than first thought in the second quarter, data showed on Tuesday, signalling a lengthy path to recovery as the coronavirus pandemic dealt a major blow to Asia's trade-reliant economies.
SINGAPORE - Singapore’s record recession was deeper than first thought in the second quarter, data showed on Tuesday, signalling a lengthy path to recovery as the coronavirus pandemic dealt a major blow to Asia’s trade-reliant economies.
“The painful truth is this - we are not returning to a pre-COVID world. Recovery will be some time yet,” said trade minister Chan Chun Sing. Gross domestic product fell a record 13.2% year-on-year in the second quarter, revised government data showed, versus the 12.6% drop seen in advance estimates. The data pointed “to a slower and sluggish economic recovery,” said Chua Hak Bin, an economist at Maybank.
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