Singapore ‘Canary in the mineshaft’.

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neverfail
Posts: 4958
Joined: Sun Dec 18, 2016 3:47 am
Location: Singapore

Singapore ‘Canary in the mineshaft’.

Post by neverfail » Thu Mar 26, 2020 4:35 am

One of the world’s most open economies which is viewed as a barometer for the health of global trade, Singapore is now heading for a deep recession this year after shrinking 2.2% on-year in January-March.

(snip)

The Singaporean economy’s 2.2% contraction was the worst quarterly, on-year figure since 2009 during the financial crisis, the last time the city-state was plunged into recession.

Compared with the previous quarter, GDP fell 10.6%, as all sectors of the economy were battered, according to advance estimates released by the trade ministry.

https://asiatimes.com/2020/03/singapore ... t-quarter/
I could think of few places on Earth worthy of such ill-fortune. :(

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cassowary
Posts: 3827
Joined: Thu Dec 15, 2016 11:30 pm

That's the value of saving for a rainy day.

Post by cassowary » Thu Mar 26, 2020 8:32 pm

Singapore is dipping into its piggy bank to cushion the crisis.
SINGAPORE - The Government is setting aside a further $48.4 billion to support businesses, workers and families as Singapore grapples with an unprecedented crisis posed by the coronavirus pandemic.

This comes in addition to the $6.4 billion in measures that it announced just over a month ago to cushion the fallout from the Covid-19 outbreak.

In all, Singapore is dedicating nearly $55 billion to combat the coronavirus - about 11 per cent of its GDP - Deputy Prime Minister Heng Swee Keat said on Thursday (March 26) when he unveiled the Supplementary Budget.
The Imp :D

neverfail
Posts: 4958
Joined: Sun Dec 18, 2016 3:47 am
Location: Singapore

Re: That's the value of saving for a rainy day.

Post by neverfail » Thu Mar 26, 2020 10:35 pm

cassowary wrote:
Thu Mar 26, 2020 8:32 pm
Singapore is dipping into its piggy bank to cushion the crisis.
SINGAPORE - The Government is setting aside a further $48.4 billion to support businesses, workers and families as Singapore grapples with an unprecedented crisis posed by the coronavirus pandemic.

This comes in addition to the $6.4 billion in measures that it announced just over a month ago to cushion the fallout from the Covid-19 outbreak.

In all, Singapore is dedicating nearly $55 billion to combat the coronavirus - about 11 per cent of its GDP - Deputy Prime Minister Heng Swee Keat said on Thursday (March 26) when he unveiled the Supplementary Budget.
It looks so familar to me Cass.

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