Singapore's economy sees worst ever quarterly contraction of 13.2%

Singapore trade minister also cautioned that the current crisis is unlike the 1998 Asian financial crisis or 2009 global financial crisis

Singapore's economy contracted by 13.2 per cent on a year-on-year basis in the April-June quarter, its worst quarterly economic performance on record amidst the coronavirus pandemic, according to data released on Tuesday.

The numbers reflect the impact of Covid-19, as well as deeper forces reshaping the global economy and our position in the global value chains, Trade and Industry Minister Chan Chun Sing said.

The data showed that Singapore's economy had contracted by 13.2 per cent on a year-on-year basis in the April to June quarter, worse than the 12.6 per cent decline seen in the Government's advance estimate and a sharp deterioration