Singapore Economy Decrease By 13.2% In Q2 2020, The Worst Ever In History
The Ministry of Trade and Industry announced that the current economy has shrunken by 13.2 percent in the 2nd quarter of 2020 from April to June. This is worst than the earlier prediction of 12.6 percent contraction and placing it the worst condition ever in Singapore history.
MTI also adjust the prediction on the gross domestic product (GDP) in 2020 from -4 to -7 percent to -5 and -7 percent instead due to the steep decline in GDP in the 2nd quarter. MTI also mentioned that this decreased impact will certainly continue to drag on sections such as transportation and storage and wholesale trade. Where the tourism and air travel will be expected to continue decrease for the time being and also a downturn in construction and marine and offshore engineering sections will be more protracted than previously anticipated as well.
