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Asian 'poster child' heads for recession due to virus

March 26, 2020 8:12 pm
The world has been given an indication of the economic impact of coronavirus [Source: BBC]

The world has been given an indication of the economic impact of coronavirus as Singapore released its initial growth figures for this quarter.

The trade-reliant city state now looks to be heading for its first full-year recession in about two decades.

The figures suggest that the global economy is also set for a sharp contraction.

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This week the International Monetary Fund (IMF) warned of a global recession worse than the one after the 2008 financial crisis.

Singapore said gross domestic product (GDP) shrank 2.2% year-on-year while, compared with the previous quarter, GDP fell by 10.6%.

It marks the biggest quarterly contraction for the southeast Asian nation since 2009, in the midst of the global financial crisis.

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