Singapore inches closer to recession

Submitted By:  Nathanielle Punay Case Study:  No Advanced estimates on Q1 GDP showed a 2.2% contraction. The Ministry of Trade and Industry (MTI) said that Singapore will be headed into recession after it has revised its 2020 GDP forecast from -0.5% to 1.5% in February estimates to -4% to -1%, a press release revealed. This comes on the back of more countries putting border controls to curb the spread of the COVID-19 pandemic. Social distancing measures have also caused events to either be postponed or cancelled. read more