Singapore’s gross domestic product fell an annualized 10.6 per cent in the first quarter, compared to the previous three months. Singapore is one of the first countries to release a GDP report that reflects the effect of the coronavirus. The data showed on Thursday the economy suffered its biggest contraction since the financial crisis during the first quarter as the coronavirus pandemic escalated.
While Singapore’s central bank said on Thursday it will provide up to $60 billion of U.S. dollar funding to the city-state’s banks as part of a previously announced swap facility with the U.S. Federal Reserve.
The Singapore dollar recovered from earlier losses after the government announced further $48.4 billion to support businesses. The currency already hit the lowest in more than 10 years on Monday,