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Singapore economy records worst contraction in 1Q20 since 2008 Global Financial Crisis and may shrink more if Covid-19 outbreak continues : MAS

Amala Balakrishner
Amala Balakrishner4/28/2020 12:15 PM GMT+08  • 5 min read
Singapore economy records worst contraction in 1Q20 since 2008 Global Financial Crisis and may shrink more if Covid-19 outbreak continues : MAS
“Overall, the near-term outlook for the Singapore economy is fraught with uncertainty. There is poor understanding of the evolution of the Covid-19 situation globally, which in turn implies that the depth and duration of the downturn in Singapore”: MAS
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SINGAPORE (Apr 28): Singapore’s economy staged a grim contraction of 2.2% year-on-year in the first quarter of the year, the Monetary Authority of Singapore (MAS) published in its April 2020 Macroeconomic Review on Tuesday.

In contrast, Singapore’s worst recession thus far was during the Asian Financial Crisis in 1998, when the economy contracted 2.2%. Meanwhile, full-year economic growth came in at 0.1% during the Global Financial Crisis in 2009 and shrank 1.1% during the dot.com bust in 2001.

On a seasonally adjusted month-on-month basis, the city-state’s economy shrank by 10.6% - a sharp retraction from the 0.6% growth recorded in 4Q19. The data is also a deviation from the ‘tepid recovery’ anticipated by economists and market watchers.

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