20:46
Reported

News Briefs

  Tamuz 22, 5780 , 14/07/20

Singapore enters recession after worst-ever economy shrinkage

Singapore’s economy shrank 41.2% in the second quarter of this year, according to Agence France-Presse.

This is the city-state's second consecutive quarter of contraction, meaning that Singapore has officially entered a recession, for the first time in over ten years.

The Guardian notes that Singapore's economy is considered "a barometer for the health of global trade" and as such, this drop, the worst ever recorded there, is a sign that the coronavirus epidemic is having extended and dramatic results even in countries considered resilient.

Other archived news briefs:Jul 14, 08:46 PM, 7/14/2020