Barnabas Gan, an economist at UOB Group, assessed GDP figures in Singapore.
“Singapore’s GDP in 2Q20 to 13.2% a/a (-42.9% t/t sar), below previous GDP estimates of 2Q20 to -12.6% a/a (-41.2% t/t sar). The latest impression of GDP solidifies Singapore’s first technical recession since 1609, and the worst contraction recorded”.
“The downward revision of the anticipated estimates was basically due to a drop in productive activity, which fell 0.7% by 2.20, below the estimate of 2.5%.”
“As noted in our GDP summary 2.20, we expect the GDP contraction to fall by 2.20, given the breakout restrictions and phase one this period. Subsequently, we expect GDP to continue to contract at a more moderate rate by the time of 2020. However, similar considerations to COVID-19, along with geopolitical and advertising tensions in the background, are the main obstacles to Singapore’s recovery in the second half of 2020. »
“Given the widespread COVID-19 scenario in the world in the context of a persistent slowdown in Singapore’s structure and sector, we are reducing our year-round GDP outlook to -5.0% in 2020 from -4.0% previously.”
The GBP/USD pair is recovering as the dollar makes its way. Investors ignore considerations about the fall in the UK economy and considerations about the programme.
Gold rose slightly in Thursday’s Asian session, although it was not tracked and maintained well with the wider trade diversity of the previous day.
The crypto market continues to grow despite significant overbought and over-optimism in the top market. Today, Ethereum provides an unforeseen management replacement and accumulates a 5% profit against Bitcoin in just two sessions.
Having faced a rejection just below mark 43, the WTI (Nymex futures) fell to the middle of 42, while bassists retaliated amid the OPEC call for oil forecasts.
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