Double-digit GDP drop for Singapore likely in April-June

Analysts note the period coincided with circuit breaker measures, when economic activities were at a standstill

Visitors entering Universal Studios Singapore on July 4, about a month after the economy started reopening. Domestically, the dim outlook over a full resumption of tourism, weak retail sales and rising unemployment will continue to weigh down growth in th
Visitors entering Universal Studios Singapore on July 4, about a month after the economy started reopening. ST PHOTO: GIN TAY
Singapore’s circuit breaker measures to fight the coronavirus pandemic were swiftly eased through June, spurring some improvement in manufacturing activity, as reflected by the Purchasing Managers’ Index. While the June reading marked the fifth month of c
Singapore’s circuit breaker measures to fight the coronavirus pandemic were swiftly eased through June, spurring some improvement in manufacturing activity, as reflected by the Purchasing Managers’ Index. ST FILE PHOTO
Ovais Subhani
Senior Business Correspondent
Updated
Jul 13, 2020, 01:16 PM
Published
Jul 13, 2020, 05:00 AM
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A faster-than-expected reopening from a near two-month lockdown may have saved Singapore from a deeper recession.

Still, the economy is likely to have suffered a double-digit drop in gross domestic product (GDP) in the April-June period. The negative growth cycle will persist for the rest of the year, but the GDP declines will become smaller in the subsequent quarters.

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A version of this article appeared in the print edition of The Straits Times on July 13, 2020, with the headline Double-digit GDP drop for Singapore likely in April-June. Subscribe

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