InsightsSuccess
Subscribe Now!
Get A Chance To Feature In Magazine By Submitting Your Interview Today!
No Result
View All Result
InsightsSuccess
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Blog
  • Conferences
No Result
View All Result
InsightsSuccess
No Result
View All Result

Second Quarter Economic contraction drenches for Singapore

Singapore on Tuesday reported that its economy contracted more than initially expected and narrowed its economic forecast for the full year of 2020.
The Singapore economy contracted by 42.9% in the second quarter of 2020 compared to the previous quarter, said the Ministry of Trade and Industry. The updated figure was worse than the official advance estimate released last month, and confirmed the Southeast Asian country had entered a technical recession. The estimate, computed largely from data in April and May, had shown the economy shrinking by 41.2% in the second quarter compared to the prior three months.
On a year-on-year basis, the country’s gross domestic product shrank by 13.2% in the quarter ended June 30, according to the ministry. That’s worse than the earlier estimate of a 12.6% year-over-year contraction and 0.3% on-year dip recorded in the first quarter. Large parts of the Singapore economy were shut in early April as the country entered a partial lockdown — which the government called a “circuit breaker” — to slow the spread of the coronavirus. Some of the restrictions have been eased starting early June, allowing most of the economy to reopen.
“The fall in GDP was due to the Circuit Breaker (CB) measures implemented from 7 April to 1 June 2020 to slow the spread of COVID-19 in Singapore, as well as weak external demand amidst a global economic downturn caused by the COVID19 pandemic,” the ministry said in a statement.
Covid-19 is the formal name of the coronavirus disease. In Singapore, there have been more than 55,000 confirmed infections and 27 deaths relating to the virus, according to the health ministry’s data. Most of those infected have recovered, with 5,656 cases still “active” as of Monday, said the health ministry.

Previous Post

Fia Johansson: Being an Aid to the Law Enforcement

Next Post

What It Takes to Launch a Business from Your Home

Next Post
Launch a Business from Your Home

What It Takes to Launch a Business from Your Home

Recent News

After Indian Ministers Fail to Persuade Musk to Incorporate His Tesla Business in India, Musk Has Shifted His Focus to Indonesia
Recent News

After Indian Ministers Fail to Persuade Musk to Incorporate His Tesla Business in India, Musk Has Shifted His Focus to Indonesia

Elon Musk, the CEO of Tesla and SpaceX, is slated to visit Indonesia in November as he wraps up operations...

Read more
Asian-Equities

Asian Equities Struggle Following Crippling China Statistics

Elon-Musk

Elon Musk’s Legal Issues Are Causing Tesla and Twitter Stock to Fall

Google-logo

300 European Publishers Sign Content Deals with Google

A-apple-smartphone

Under a New Digital Watchdog, the UK Is Pushing for Stricter Tech Regulations

Path Breakers

Hubstaff

Hubstaff: Time and Workforce Management at Your Fingertips Virtually

Evonence LLC – Expert Google Workspace Partner Across North America

Evonence LLC – Expert Google Workspace Partner Across North America

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Gary-Olson-CEO-of-GHO-Group-LLC

GHO Group LLC: Bringing Vision to Reality

Josh-Usheroff-Co-Founder-of-Black-Box-Productions

Black Box Productions: Crafting Visually Engaging Stories

Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.

  • About Us
  • Advertise With Us
  • General Disclaimer
  • Terms & Condition
  • Privacy Policy
  • Subscribe
  • Contact Us

© Copyright 2022, InsightsSuccess | All Rights Reserved.

No Result
View All Result
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Women In Business
  • Blog
  • Conferences
  • IT & Innovations
  • Leadership
  • Healthcare
  • Money
  • Startups

© Copyright 2022, InsightsSuccess | All Rights Reserved.