Categories: Business

Singapore heads towards worst-ever recession in nearly two decades | Singapore is moving towards rapid recession, GDP growth rate may fall by 7%

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Singapore heads towards worst-ever recession in nearly two decades

Singapore Singapore is heading towards the worst recession in nearly two decades. The economy of the country affected by the Corona virus epidemic has been adversely affected. So far, 32,343 people in the country have been infected with the corona virus. According to the Ministry of Trade and Industry, the country's gross domestic product (GDP) may fall by 4 to 7 percent this year. This would be much larger than the earlier estimate of 1 to 4 percent decline.

The 2001 GDP growth rate in Singapore declined by 1.1 percent, according to a news channel News Asia report. This is the biggest recession since the Asian financial crisis in 1998. At that time the economy had declined by 2.2 percent.

The Ministry of Trade and Industry said that the construction, maritime and offshore engineering sectors were the worst hit due to the shortage of workforce due to the rapid spread of corona virus infection among foreign workers. The infection has spread rapidly to foreign workers who live in the dormitory (a sleeping place made for many people in the same room).

On Tuesday, 383 new cases of infection among foreign workers were reported in Singapore. In this, only one patient is a citizen or permanent resident of Singapore. According to the Ministry of Health, the number of cases of corona virus infection in the country has increased to 32,343. According to the news channel's report, this is the third time in more than three months that the GDP growth rate is expected to fall and go below zero. Earlier, the central bank had warned last month about a far deeper recession than expected.

The Ministry of Trade and Industry said that in view of the deterioration in the external demand scenario for Sangapur, the GDP growth estimate has been further reduced. The ministry also said that even after the forecast of a fall in the growth rate, there is still uncertainty about Kovid-19. Nothing concrete can be said about the economic revival in the global and Singapore economy. The Ministry of Industry said that in its assessment, the way economic activity has been affected by the epidemic in countries with large economies like the US and China, it is much broader than anticipated.

This post was published on May 26, 2020 9:26 pm

Content Team

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