The Singaporean economy suffered a deeper recession in the second quarter than earlier estimated as it contracted by 13.2 percent year on year, compared to the previous prediction of -12.6 percent.
Singapore's economy contracted 13.2 percent year on year in the second quarter of 2020 (Photo: AFP/VNA)
Hanoi (VNA) – The Singaporean economy suffered adeeper recession in the second quarter than earlier estimated as it contractedby 13.2 percent year on year, compared to the previous prediction of -12.6percent.
The country’s Ministry of Trade and Industry(MTI) said on August 11 that given the fall, it now forecasts this year’s grossdomestic product (GDP) will shrink between 7 percent and 5 percent, instead ofthe previously predicted decline of 4 to 7 percent.
The second-quarter GDP plunge was due tothe circuit breaker measures implemented from April 7 to June 1 to slow thespread of COVID-19 in Singapore, as well as weak external demand amid a globaleconomic downturn caused by the pandemic, said MTI in a statement.
Singapore's central bank eased its monetarypolicy in March, while the government recently pumped in nearly 100 billion SGD(72 billion USD) worth of stimulus to blunt the impact of the pandemic./.
Scientists at the Nanyang Technological University (NTU) of Singapore on July 27 discovered a way to deliver coronavirus testing results within 36 minutes, about a quarter of the time required by existing gold-standard tests.
Singapore’s unemployment rate rose to 2.9 percent in the second quarter of 2020 from 2.4 percent in the preceding quarter, the highest level over the past decade, according to the country’s Ministry of Manpower (MOM).
Starting from August 11, travellers entering Singapore who are serving their stay-home notice (SHN) outside of dedicated facilities will have to wear an electronic monitoring device throughout the 14 days.
Singapore and Australia have signed a digital economy agreement that will open up economic opportunities for both countries during a virtual ceremony on August 6.
About 265,000 foreign workers in construction, marine shipyard and processing sectors have been given the green light to return to work in Singapore, said the country’s Ministry of Manpower (MOM).
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Singapore's economy contracted 13.2 percent year on year in the second quarter of 2020 (Photo: AFP/VNA) 
