Singapore enters recession after economy shrinks more than 40% quarter on quarter

(CNBC) Singapore’s economy entered a technical recession after shrinking by 41.2% in the second quarter compared to the previous quarter, advance estimates by the Ministry of Trade and Industry showed on Tuesday. The latest gross domestic product estimate — computed largely from data in April and May — was worse than analysts’ forecast. Economists polled by Reuters had expected the Southeast Asian economy to shrink by 37.4% quarter-over-quarter.

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