Singapore economy enters recession, Q2 GDP plunges record 41.2pc | Singapore | Malay Mail

Singapore economy enters recession, Q2 GDP plunges record 41.2pc | Singapore | Malay Mail


SINGAPORE, July 14 — Singapore’s economy slipped into recession in the second quarter, contracting by a record 41.2 per cent from the previous three months and is facing its biggest slump ever this year as coronavirus lockdown steps hammer the trade-reliant city-state.

Economists polled by Reuters had expected a 37.4 per cent slump, but the pandemic took a heavy toll on the construction sector, which plunged 95.6 per cent.