Japan and Singapore, Asia’s worst-hit economies of Covid19 : Moody’s
Economy

Japan and Singapore, Asia’s worst-hit economies of Covid19 : Moody’s

Agency News

The economies of Japan and Singapore would be the worst-hit due to Covid-19 in Asia, said Moody’s Analytics, the US-based financial analysts.

Both economies were already weak before the outbreak worsened over the past month — and stricter lockdown measures imposed to contain the virus spread will likely exacerbate their respective economic troubles, said Steve Cochrane, the firm’s chief Asia Pacific economist.

Latest official data in Japan showed the economy shrinking by 6.3% year over year in the three months to December, while preliminary estimates in Singapore indicated that the economy contracted by 2.2% in the quarter that ended in March.

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