China’s Q1 (Jan to Mar 2020) saw its economy shrink 6.8%. This is the first decline in the last almost 30years. It is not unexpected, since most parts of the country were at a standstill and total lock down in some parts.
With lockdown restrictions being lifted, economic activities are starting again, but not with the former rigour. It is likely that the year-over-year growth for Q2 will likely be negative as well.
Singapore’s Changi Airport experienced a 70% drop in passenger numbers in Mar 2020 compared to a year ago. Other sectors suffer similar drop, although in varying degrees. But for sure, we will see at least 2-3 quarters of adverse economic report cards, before things turn around. We are certainly in a recession. Brace yourselves for more bad news before things get better.