Today-July 14

The worst of Singapore’s economic contraction is probably over, but more job losses and wage cuts are to be expected, especially in the later part of 2020, economists said on Tuesday (July 14). Figures released on Tuesday mean that Singapore’s economy is officially in recession — though no expert doubted this was on the cards. This is after two consecutive quarters where economic output shrank when compared with the previous quarter. The second quarter — the three months ending June 30 — contracted a record 41.2 per cent compared with the first quarter, following a 3.3 per cent quarter-on-quarter decline in the first quarter, flash estimates from the Ministry of Trade and Industry (MTI) showed.

Read more at https://www.todayonline.com/singapore/singapores-economic-slump-may-have-bottomed-out-job-losses-wage-cuts-likely-continue