Covid19 effect: Economy of Singapore falls into recession, sharp decline of 41%

12:00:00 AM, Wednesday 15th of July 2020 | in business

Singapore's economy has plunged into recession after getting hit by the Coronavirus pandemic. The country's economy shrank more than 40 percent in the second quarter as markets remain closed due to lack of supply and demand chain as Covid19 has brought the operations to halt. "It's the worst-ever quarterly figure in Singapore's 55-year history," CIMB Private Banking regional economist Song Seng Wun said.