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Economy

Singapore financial system solid amid 'dire' economy: central banker

Monetary Authority's Menon warns recovery will be 'slow and uneven'

Ravi Menon, managing director of the Monetary Authority of Singapore, delivers a speech in 2016.   © Reuters

SINGAPORE (Reuters) -- Singapore's financial system remains robust and resilient even as the economy suffers its most severe downturn due to the coronavirus pandemic, central bank chief Ravi Menon said on Thursday.

Data this week showed that the trade-reliant economy plunged into recession in the second quarter after contracting by a record 41.2%.

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