Corona virus: recession in Singapore, dangerous signal for global economy

 14 Jul 2020 ( IBTN Bureau )
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According to the news agency AFP, Singapore has gone into recession in the second quarter of the year as the business-based Singapore economy has seen a decline of 41.2 per cent qoq.

According to the Commerce Ministry, Singapore's economy declined at a rate of 12.6% between April and June as compared to last year as stricter sanctions were imposed to prevent corona virus infection.

Thus, this is the second week of the decline in the economy when Singapore, one of the world's most open economies, has seen a decline.

This is the first time in the last ten years when Singapore has gone into recession.

Singapore's Ministry of Commerce said in its statement that "the huge decline in GDP in the second quarter is due to the restrictions imposed to reduce the spread of the corona virus between April 7 and June 1." Under these restrictions, all non-essential services and most of all places of work were closed.''

It has also been said in the government statement that the reduction in external demand due to the worldwide economic decline is also responsible for this recession.

Singapore, seen as a barometer of the health of global trade, is highly vulnerable to external shocks. In such a situation, the frightening statistics of Singapore are also giving dangerous signals for the global economy.

 

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