SINGAPORE: Singapore’s economy suffered its worst ever annual contraction in 2020 as the coronavirus pandemic hammered the city-state’s vital trade and tourism sectors, official data showed Monday.
But the 5.8% decline was not as bad as feared — official forecasts had predicted a fall of up to 6.5% — as economic activity picked up with the easing of curbs.
The financial hub plunged into its first recession since the 2008 global financial crisis in the second quarter when the government closed most workplaces as part of drastic measures to contain infections.
One of the world’s most open economies, Singapore is seen as a bellwether for the health of global trade, and its economy’s dramatic…
