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Pandemic sends Singapore’s economy to worst ever recession in 2020

Pandemic sends Singapore’s economy to worst ever recession in 2020

Mubasher: Singapore’s economy contracted by less than expected in 2020 as activity levelled up further in the fourth quarter (Q4) following the easing of COVID-related restrictions, CNBC reported citing advance estimates by the Ministry of Trade and Industry.

The Southeast Asian economy dropped by 5.8% in 2020 on a yearly basis, better than the official forecast for an annual contraction of between 6% and 6.5%.

In Q4-20, Singapore's economy shrank by 3.8% yearly, an improvement from the revised 5.6% year-over-year contraction in the third quarter, the ministry said.

On a quarter-on-quarter seasonally-adjusted basis, Singapore’s gross domestic product (GDP) grew by 2.1% in Q4-20, slowing from 9.5% growth in the previous three months.

Singapore’s trade-dependent economy was hit by a plunge in activity last year as countries across the globe imposed lockdown measures to slow the spread of the novel coronavirus.