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Meanwhile, In Singapore, A Rough Week Gets Worse
It's been a rough week for bellwether Singapore.
Just 48 hours after reporting the biggest one-day spike in coronavirus infections since the outbreak began, and a mere 24 hours after announcing the closure of bars and cinemas in a bid to counter the spread, the city-state said GDP plunged the most in 10 years in the first quarter, a bad omen, to be sure.
The -10.6% annualized QoQ contraction was much worse than the 8.2% decline the market was looking for, as was the YoY print (-2.2% versus exp
One of the worst has yet to happen i.e. the closure of schools. But that may just be a matter of time.
It might not all be bad too. The Chinese saying, there is opportunity in danger, might prove itself. Companies relooking at alternate ways of communicating and working during this pandemic might, hopefully, result in the rise of certain industries.