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| Coronavirus: Asian 'poster child' heads for recession due to virus | |
| (32 minutes later) | |
| The world has been given an indication of the economic impact of coronavirus as Singapore released its initial growth figures for this quarter. | The world has been given an indication of the economic impact of coronavirus as Singapore released its initial growth figures for this quarter. |
| The trade-reliant city state now looks to be heading for its first full-year recession in about two decades. | The trade-reliant city state now looks to be heading for its first full-year recession in about two decades. |
| The figures suggest that the global economy is also set for a sharp contraction. | The figures suggest that the global economy is also set for a sharp contraction. |
| This week the International Monetary Fund (IMF) warned of a global recession worse than the one after the 2008 financial crisis. | This week the International Monetary Fund (IMF) warned of a global recession worse than the one after the 2008 financial crisis. |
| Singapore said gross domestic product (GDP) shrank 2.2% year-on-year while, compared with the previous quarter, GDP fell by 10.6%. | Singapore said gross domestic product (GDP) shrank 2.2% year-on-year while, compared with the previous quarter, GDP fell by 10.6%. |
| It marks the biggest quarterly contraction for the southeast Asian nation since 2009, in the midst of the global financial crisis. | It marks the biggest quarterly contraction for the southeast Asian nation since 2009, in the midst of the global financial crisis. |
| As one of first countries to release economic growth data for the period in which the outbreak has been spreading globally, the numbers from Singapore provide a glimpse of how the ongoing pandemic could affect economies around the world. | As one of first countries to release economic growth data for the period in which the outbreak has been spreading globally, the numbers from Singapore provide a glimpse of how the ongoing pandemic could affect economies around the world. |
| Singapore was also one of the first countries outside China to report cases of the coronavirus. | Singapore was also one of the first countries outside China to report cases of the coronavirus. |
| It comes after the IMF this week forecast a global recession this year which would be at least as bad as the one seen in the wake of the financial crisis more than a decade ago. | It comes after the IMF this week forecast a global recession this year which would be at least as bad as the one seen in the wake of the financial crisis more than a decade ago. |
| Lockdowns and other measures imposed by governments around the world to slow the spread of the virus are battering the global economy, with many analysts now expecting a deep, long recession. | Lockdowns and other measures imposed by governments around the world to slow the spread of the virus are battering the global economy, with many analysts now expecting a deep, long recession. |