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.
Thank you for this great post, I thoroughly enjoyed reading it and learning from your thoughts! I have recently published an article on my thoughts regarding the economic impact of COVID-19, especially on Australia. If you have time, it would be great if you could check it out and let me know your thoughts! Thanks 🙂
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