Singapore election cheers business but COVID-19 worries remain

Corporate sector looking for constructive ways to tackle pandemic fallout

The ruling People's Action Party will form Singapore's next government with a supermajority, but the opposition made unprecedented gains in last Friday's general election. © AP

DYLAN LOH, Nikkei staff writer

July 14, 2020 16:55 JST

SINGAPORE -- Singapore's pro-business People's Action Party may have maintained its uninterrupted grip on power in last week's hotly contested election, but for many businesses the relief was short-lived.

Preliminary data on Tuesday showed that Singapore's economy shrank 12.6% on year in the April-June quarter due to the COVID-19 pandemic, with no sign of an end to the crisis.