Singapore GDP low level since Lehman affected by new corona March 26 17:14
From January to March in Singapore, GDP = Gross Domestic Product growth was down 2.2% compared to the same period last year due to the spread of the new coronavirus. The spread has fallen to low levels since 2009.
According to the Singapore Ministry of Trade and Industry, GDP growth in the first quarter from January to March was 2.2% lower than the same time last year.
The first quarter is the lowest level since 2009, when the impact of the Lehman Shock widened was minus 7.7%.
This is mainly due to the spread of the new coronavirus, which has led to the blocking of national borders and restrictions on the economic activities of companies, especially in the construction industry, where the inflow of foreign workers has been limited. The service industry, such as the tourism and food and beverage businesses, fell 4.3%, down 3.1%.
The GDP forecast for this year has also been reduced by a maximum of 3.5 points, and has been significantly revised down from -4% to -1%.
In Southeast Asia, the spread of infection in Thailand has also greatly reduced economic forecasts, as the GDP forecast has been significantly reduced to -5.3%, and Japanese companies are likely to have a significant impact.