SINGAPORE - Singapore's economy slipped into recession in the second quarter, contracting by a record 41.2% from the previous three months and is facing its biggest slump ever this year as coronavirus lockdown steps hammer the trade-reliant city-state.
On a year-on year basis, gross domestic product plummeted 12.6%, preliminary data from the Ministry of Trade and Industry showed on Tuesday. Economists had forecast a 10.5% contraction. The city-state expects full-year GDP in the range of -7% to -4%, the biggest downturn in its history. The government has pumped in nearly S$100 billion worth of stimulus to blunt the impact of the pandemic.
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