Double-digit contraction expected for Singapore's 2Q20 GDP — UOB

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SINGAPORE (July 9): United Overseas Bank (UOB) is calling a 10.5% year-on-year (y-o-y) contraction for Singapore’s gross domestic product (GDP) in the second quarter of this year (2Q20).

On a quarterly basis, this translates into a 34.6% contraction, making this the city state’s first technical recession since 1Q09 during the global financial crisis.

“We believe the contraction in GDP will trough in 2Q20, given the ‘circuit breaker’ and ‘phase one’ restrictions in this period,” explained economist Barnabas Gan in a macro note today ... (click on link for full story on