Singapore's economy shrank by 41 percent, a huge impact on the world economy due to KOVID-19

Singapore, Due to the coronavirus, Singapore's economic growth slowed to 41.2 percent in the second quarter from a year earlier. According to preliminary data, this is the first time that the trade-dependent Singaporean economy has shrunk on such a large scale in a single year.

The economy contracted by 12.6 percent in April and June compared to the same month last year, according to Singapore's Ministry of Commerce. The government's crackdown on the coronavirus in Singapore has also had a major impact on the economy.

For the first time in over a decade, Singapore's economy is heading for a recession. According to the ministry, the main reason for the sharp decline in the country's gross domestic product (GDP) in the second quarter was the drastic measures taken to curb the spread of the coronavirus from April 7 to June 1. According to the ministry, all economic activities were suspended during this period except for essential services.

According to the ministry, external demand has also declined due to weak economic conditions in most countries of the world. Experts say that the recent economic scenario of Singapore, which is a measure of the world economy, has had a huge impact on the world economy due to KOVID-19.