Singapore’s GDP contraction worst in 40 years

August 11, 2020 13:30

Singapore has sounded the alarm bell as its economy posts its worst quarterly contraction in more than 40 years. The Southeast Asian economy was expected to contract 41.2% but instead posted a contraction of 42.9%, according to the Ministry of Trade and Industry.

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The fall in the gross domestic product was due to the partial lockdown over the coronavirus pandemic period. During the April to June quarter, most workplaces and schools had temporarily closed.

Singapore has reported more than 55,200 confirmed coronavirus infections and 27 deaths. Of these infections, 94% were from migrant workers living in dormitories. The management of the coronavirus from Singapore authorities has been one of the best in the world.

However, that hasn't stopped the country's economy to also post an economic contraction of 13.2% in the second quarter of the year which was worst than the estimate of a 12.6% contraction.

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If you are feeling bullish or bearish on the price of the Singapore Free 25 Index you can speculate on its price direction using Futures CFDs. To get started, follow these five simple steps:

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Source: Admiral Markets MetaTrader 5 Web, _Singapore25_Q0, Daily - Data range: 29 November 2019 to 11 August 2020. Please note: Past performance is not a reliable indicator of future results. Last five-year performance: 2019 = +8.72%, 2018 = -11.96%, 2017 = +21.36%, 2016 = -1.17%, 2015 = -15.20%, 2014 = +4.49%.

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