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Singapore’s Q2 economy shrinks more than forecast

The Singaporean economy suffered a deeper recession in the second quarter than earlier estimated as it contracted by 13.2 percent year on year, compared to the previous prediction of -12.6 percent.
Singapore’s Q2 economy shrinks more than forecast ảnh 1Singapore's economy contracted 13.2 percent year on year in the second quarter of 2020 (Photo: AFP/VNA)

Hanoi (VNA) – The Singaporean economy suffered adeeper recession in the second quarter than earlier estimated as it contractedby 13.2 percent year on year, compared to the previous prediction of -12.6percent.

The country’s Ministry of Trade and Industry(MTI) said on August 11 that given the fall, it now forecasts this year’s grossdomestic product (GDP) will shrink between 7 percent and 5 percent, instead ofthe previously predicted decline of 4 to 7 percent.

The second-quarter GDP plunge was due tothe circuit breaker measures implemented from April 7 to June 1 to slow thespread of COVID-19 in Singapore, as well as weak external demand amid a globaleconomic downturn caused by the pandemic, said MTI in a statement.

Singapore's central bank eased its monetarypolicy in March, while the government recently pumped in nearly 100 billion SGD(72 billion USD) worth of stimulus to blunt the impact of the pandemic./.
VNA
#Singaporean economy#Singapore#gross domestic product#Singapore's central bank#Singapore's Ministry of Trade and Industry#COVID-19#Vietnamplus#Vietnam News Agency
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