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Singapore’s economy recorded its sharpest contraction in the second quarter. This placed the trade-dependent city-state into recession as it is also expected to suffer from its worst inactivity this year on virus-beaten businesses.
The city-state’s gross domestic product dropped 41.2% in the three months ended March, surpassing the economists’ prediction of a 37.4% decline. This came to be the worst record ever monitored on a quarter-on-quarter annualized basis, preliminary data from the Ministry of Trade showed on Tuesday.
The frail figures indicate the colossal damage brought by the novel coronavirus pandemic and suggest a weak first half for the economy. In addition to this, many major economies were seen struggling as they face their sharpest downturn in decades.
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, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
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 ...
KYC Policy