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Economy

Singapore unveils $33bn pandemic relief plan after GDP shrinks 2.2%

City-state forecasts 1-4% full-year contraction as ASEAN impact crystallizes

Tourists in Singapore in late January: The tourism agency expects a 25% to 30% drop in visitor arrivals this year.   © Reuters

SINGAPORE/BANGKOK -- Singapore's economy shrank 2.2% on the year in the first quarter, preliminary data released on Thursday shows, marking what may be the first in a series of quarterly contractions as Southeast Asia reels from the coronavirus pandemic sweeping the globe.

Later the same day, the Singaporean government unveiled a second economic stimulus package worth around $33 billion, far bigger than its initial $4 billion worth of measures.

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