SINGAPORE (July 9): United Overseas Bank (UOB) is calling a 10.5% year-on-year contraction for Singapore’s 2Q20 Gross Domestic Product (GDP).

On a quarterly basis, this translates to a 34.6% contraction, making this the city state’s first technical recession since 1Q09 during the Global Financial Crisis (GFC).

“We believe the contraction in GDP will trough in 2Q20, given the ‘circuit breaker’ and ‘phase one’ restrictions in this period,” explains economist Barnabas Gan in a July 9 Macro note.

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