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.
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.