The export-reliant financial hub -- one of the world's most open economies and which is viewed as a barometer for the health of global trade -- is now heading for a deep recession this year after shrinking 2.2 per cent on-year in January-March.
Governments and central banks around the world have been unleashing unprecedented measures to battle the fallout from the pandemic, with US Senate leaders agreeing on a US$2 trillion deal for the hard-hit American economy. Compared with the previous quarter, GDP fell 10.6 per cent, as all sectors of the economy were battered, according to advance estimates released by the trade ministry.
The trade ministry further lowered its GDP forecast for this year, and said it expects the economy to shrink between 1.0 and 4.0 per cent.
Source: Financial Digest (financialdigest.net)
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