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Economy

Singapore GDP falls 12.6%, raising post-election pressure on Lee

COVID triggers technical recession with worst quarterly contraction on record

With the election over, recovering from the coronavirus is the Singaporean government's No. 1 priority.   © Reuters

SINGAPORE -- Singapore's economy shrank 12.6% on the year in the April-June quarter due to sweeping COVID-19 business closures, the government's preliminary data showed on Tuesday, underscoring the challenge facing the leadership after Friday's general election.

Singapore is one of the first Asian countries to report GDP figures for the April-June period, when many economies were under lockdowns. Its sharp drop, steeper than the depths of the global financial crisis, gives an indication of how some neighbors may have fared in the second quarter.

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