Extended lockdown nudges Singapore towards record slump

Singapore

WITH tightened lockdown measures that have been extended through to June 1, economists have pencilled in more sobering numbers that would cement the deepest recession that the Republic will ever print in its history.

The extension of Singapore's "circuit breaker" implies "significant economic hardship", said OCBC economist Selena Ling, who said a more severe contraction in this year's gross domestic product (GDP) of between 6 and 10 per cent from a year ago cannot be ruled out.

The worst full-year contraction on record was a 2.2 per cent slump during the Asian Financial Crisis.

A 10 per cent GDP contraction assumes that recovery may be delayed as business and consumer confidence remain dented into the third qu…

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