Singapore GDP Shrinks Most Since Financial Crisis Amid Pandemic
Faizan Hashmi Published March 26, 2020 | 10:00 AM
Singapore, (UrduPoint / Pakistan Point News - 26th Mar, 2020 ) :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 showed Thursday.
The trading hub's GDP shrank 2.2 percent year-on-year in the first quarter, according to advance estimates by the trade ministry. Compared with the previous quarter, GDP fell by 10.6 percent.
Lockdowns and other measures to contain the spread of the virus imposed by governments worldwide are battering the global economy, which many analysts now expect to fall into a deep, long recession.
The city-state, a travel hub and financial centre, is typically among the first countries to be hit during global crises because of its small and open economy, with ripples then spreading across the region.
The first quarter data was the worst quarterly contraction since 2009 during the global financial crisis, which was the last time the economy fell into recession.
The ministry also further lowered its GDP forecast for this year and said it expects the economy to shrink between 1.
0 and 4.0 percent.
"As the global COVID-19 situation is still evolving rapidly, there remains a significant degree of uncertainty over the severity and duration of the global outbreak, and the trajectory of the global economic recovery once the outbreak has been contained," the ministry said in a statement.
"The balance of risks, however, is tilted to the downside." Singapore normally gives advance estimates even before the quarter ends to gauge performance, making it one of the first economies in the region to give an indication of the impact.
However they do not cover the full period, meaning the revised figure -- which will be released later -- may be even worse.
Like many other places, Singapore has taken steps to contain the pandemic, including banning all foreign arrivals. The city-state has reported 631 virus cases, including two deaths.
Before the virus, Singapore's economy was already being hammered by the US-China trade war.
mba/sr/mtp
Recent Stories
SC orders end of encroachments in Karachi
Nazish Jahangir denies viral screenshots, calls them fake
Govt likely to hike electricity price once again
Bismah Maroof announces immediate retirement from international cricket
Malala expresses unwavering support for Gaza people
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
3 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
4 days ago -
Cattle farming vital to alleviate poverty in rural areas
4 days ago -
Pakistan: A land of tourism, archeological wonders
4 days ago
-
Transforming education sector: from job hunters to job creators
6 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
10 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
16 days ago