Singapore is facing technical recession in the second quarter of this year due to Corona virus pandemic. Ministry of Trade and Industry(MTI) estimates that Singapore’s economy has gone down b 12.6% .
Gross Domestic Product (GDP) has turned negative for the first time in the decade. MTI says this reduction in GDP is due to the circuit breaker measures during COVID-19 crisis which was implemented from April 7 to June 1.
After 2009, Singapore is facing huge shrink in GDP this year with a record of 41.2% less in the past three months. Technical recession is calculated based on quarter on quarter shrink in trade.
Chan Chun Sing, Trade and Industry Minister says, Singapore is facing economy crisis due to pandemic and this has to be restored with effort. MTI forecasted that 7 to 4% shrink in the economy which is the worst case scenario since independence in 1965.
The construction sector has gone down by 54.7% which is 1.1% reduction compared to the first quarter. The service oriented industries has gone down by 13.6% which is 2.4% less than previous quarter. Meanwhile, there is little hike in the manufacturing industries which grew by 2.5%, still the growth is 8.2% less compared to last quarter.
The circuit breaker measures are relaxed in June 1 and started opening retail and restaurants with proper social distancing to grow up in their economy.
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