After a 2 month, lockdown and a fast reopening may have save Singapore from a deeper recession but the economy is still expecting to suffer a double-digit drop in GDP in the April to June period.
Even the earlier than expected June 19 reopening will not offer enough rebound to prevent it from dropping even further. This drop will continue until the end of the year and may continue in the following year 2021 as well.
Experts have anticipated the Q2 GDP to fall by a median of 11.3 percent year on year.
Singapore’s retail sector even plunged to its lowest level since 1986.
Even if there’s an improvement in the economy, the road to recovery is long and hard due to the sharp increase of unemployment, to rising geopolitical tensions and the continued coronavirus pandemic.