The condition of rich Singapore is getting worse as it grows day by day
The Corona epidemic has caused significant damage to the trade dependent economies of Asia. The impact of Singapore’s recession in the second quarter was much higher than it actually was.
Singapore was severely affected by the Kovid-19 and a lockdown was implemented here to prevent the virus from spreading, which remained in force almost the entire time in the second quarter.
Gabriel Lim, Permanent Secretary for Trade and Industry, said in a briefing, “It is still unclear what the condition of Corona virus infection will be in the coming quarter. Similarly, what to do for economic recovery in domestic and global economy. There is still uncertainty. ”
“The outlook on Singapore’s economy has weakened slightly since May,” he said.
Gross domestic product (GDP) declined by 13.2% year-on-year in the second quarter. On the other hand, the revised government data showed a 12.6 percent drop in the advance estimate on Tuesday.
The economy has fallen 42.9% on an adjusted basis of annual and seasonal conditions for the last three months, a record. With this, 41.2% of the initial estimates of the government is more than the figures of decline.
These figures match the estimates of analysts.
What do experts say?
The government says that now they expect the entire year’s GDP to be between five and seven percent. Earlier it was estimated to fall by four to seven percent. Singapore, called the hub of transport and tourism, is currently going through the worst phase of history.
Maybank economist Shuah Haq bin said, “The fall in the second quarter and the full-year GDP growth point to a slow and sluggish economic recovery.”
They believe that even after being relieved from the lockdown, the economy is not easy to get acclimated due to stringent restrictions on the border, social distancing rules and lack of foreign workers.
The decline in GDP also continued to decline in the second quarter at the Global Finance Hub. A 0.3 percent year-on-year decline in the first quarter and a 3.1 percent quarter-on-quarter decline is technically a sign of recession.
The statistics of Singapore have come at a time when other Asian countries like Japan are also going to report on the state of the economy in the second quarter. Record decline can also be seen here.
Meanwhile, South Korea’s exports registered double-digit declines in the first week of August.
Selena Ling, head of treasury research and strategy at OCBC Bank, says, “The economies were taking tough steps again after the latest outbreak in the outbreak of the epidemic. This could be effective. If people’s expectations remain, the economy can see a recovery is.”
The Central Bank of Singapore gave some relief to its monetary policy in March, while the government also issued a relief of 100 billion Singapore dollars ($ 72 billion) to mitigate the effects of the epidemic.
Singapore to come to Malaysia
The progress achieved by Singapore in a very short time is an inspiration for any country. The width of Singapore is reduced to just 48 kilometers. This country is smaller than half the area of New York. The population is also only 55 lakhs. But in terms of per capita income, no country in this area stands in front. Singapore is the only country in Southeast Asia with the highest number of citizens of Chinese origin.
On 9 August 1965, Singapore separated from Malaysia and became an independent and sovereign nation. Economic and political differences were the main reasons for Singapore’s separation from Malaysia.
Due to this differences, racial violence also erupted between July and September in 1964. When the first Prime Minister of Singapore, Lee Kuan Yi, announced his separation from Malaysia, he became emotional.
He was weeping while addressing the press conference. He had said, “We stayed with Malaysia for less than 23 months”.
