Singapore faces most severe downturn since independence – Menon

Singapore’s economic situation remains “dire”, says managing director

Ravi Menon
Ravi Menon
Photo: Institute of Policy Studies/Flickr

The Singapore economy is experiencing its most severe downturn since independence, after contracting 6.5% in the first half of 2020, said Ravi Menon, managing director of the Monetary Authority of Singapore.

The contraction is the first decline for the city state since the global financial crisis in 2008, the MAS said in its annual report on Thursday.

The recovery from the Covid-19 pandemic will be slow and uneven, as the world faces renewed outbreaks of infection, Menon said on July 16

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