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Singapore's economic coronanedtur is unparalleled

Singapore's economy plunged in the second quarter with a record high, up 41.2 percent compared to the year's first three months.

It shows a preliminary inventory of the gross domestic product (gdp) in april, may, and June, who on Tuesday published by the ministry of trade and industry.

the Shutdowns as a result of viruspandemien has taken a heavy toll on economic activity in the city-state. Compared to the second quarter last year, gdp is 12.6 percent lower.

the Government of Singapore expects the entire 2020 an economic decline of between four and seven percent. It will be the largest decline in Singapore's history.

- With the reopening of Singapore's economy, we should see a moderate recovery in economic activity in the third quarter, says finansanalytiker Selena Ling from OCBC Bank.

- But the economy will still pull together, she adds.

the Government has pumped an amount equal to approximately 473 billion dollars out into the community in an attempt to mitigate the worst effects of the coronakrisen.

Singapore has now experienced economic decline for two quarters in a row, which is the technical definition of a recession. In the first quarter pulled the economy together with 0.3 percent compared to the same quarter in 2019.

Singapore has since 1965 been an independent republic. Living approximately 5.6 million people in the city-state.

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