Economics
Singapore’s Economy Plunges in Early Sign of Pain in Asia
- Government now sees full-year GDP contraction of 1%-4%
- Deputy PM to unveil second stimulus package on Thursday
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Singapore’s economy contracted the most in a decade in the first quarter, a bellwether for the rest of Asia as the fast-spreading coronavirus shuts down vast parts of the world.
Gross domestic product fell an annualized 10.6% in the first quarter from the previous three months, with the government now expecting a sharp full-year contraction in the economy of 1%-4%.