Singapore’s GDP contraction worst in 40 years

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<a href="https://admiralmarkets.com/analytics/traders-blog/singapore-gdp-contraction"><img data-resize="auto" data-resize="auto" data-resize="auto" style="width:auto;" data-src="https://fxmedia.s3.amazonaws.com/articles/remote/35de54a54908701a9a421351d0040fda.jpeg" rel="" alt="Singapore's GDP contraction worst in 40 years"></a>
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Singapore has sounded the alarm bell as its economy posts its worst quarterly contraction in more than 40 years. The Southeast Asian economy was expected to contract 41.2% but instead posted a contraction of 42.9%, according to the Ministry of Trade and Industry.
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The fall in the gross domestic product was due to the partial lockdown over the coronavirus pandemic period. During the April to June quarter, most workplaces and schools had temporarily closed.
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Singapore has reported more than 55,200 confirmed coronavirus infections and 27 deaths. Of these infections, 94% were from migrant workers living in dormitories. The management of the coronavirus from Singapore authorities has been one of the best in the world.
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However, that hasn't stopped the country's economy to also post an economic contraction of 13.2% in the second quarter of the year which was worst than the estimate of a 12.6% contraction.
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<img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/remote/77db033c2cea79bc691c333e4b57d49b.png" rel="" alt="Singapore 25 daily chart" />
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<em>Source: Admiral Markets MetaTrader 5 Web, _Singapore25_Q0, Daily – Data range: 29 November 2019 to 11 August 2020. Please note: Past performance is not a reliable indicator of future results. Last five-year performance: 2019 = +8.72%, 2018 = -11.96%, 2017 = +21.36%, 2016 = -1.17%, 2015 = -15.20%, 2014 = +4.49%. </em>
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</p><p><em><strong data-redactor-tag="strong">INFORMATION ABOUT ANALYTICAL MATERIALS</strong>:</em></p><p><em>The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:</em></p><p><em>1.This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.</em></p><p><em>2.Any investment decision is made by each client alone whereas Admiral Markets UK Ltd (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.</em></p><p><em>3.With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.</em></p><p><em>4.The Analysis is prepared by an independent analyst Jitan Solanki, Freelance Contributor (hereinafter "Author") based on personal estimations.</em></p><p><em>5.Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.</em></p><p><em>6.Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.</em></p><p>
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