Singapore Enters Economic Recession

The economy of Singapore entered a recession, after it reported a record 41.2% slump in its economy after it reported its second quarter numbers. This slump is largely attributed to the broader COVID-19 fallout that is impacting the trade-reliant city-state. In the first quarter, the economy contracted 3.3% quarter on quarter. The government expects a full-year GDP contraction from -4% to -7%, its worst in history.