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Singapore’s economy contracted by 2.2% in the first quarter from a year earlier according to preliminary data released on Thursday. The decline went at the sharpest pace since the 2009 financial crisis which led the city-state to prepare for a recession.
The data will likely dull business outlook and pile on fears that a fast-declining economy on a global scale could be imminent in the first half of 2020. Singapore is the first to report quarterly growth data since the virus outbreak.
On a quarterly basis, its gross domestic product (GDP) shrank by 10.6% in contrast to expectations of 6.3%, according to a statement by the Ministry of Trade.
"The COVID-19 outbreak has escalated and led to a significant deterioration in the economic situation both externally and domestically," the trade ministry said in a statement.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
KYC Policy