Singapore's economy shrank more than 40 percent in the second quarter as the coronavirus plunged the Southeast Asian financial hub into recession for the first time in more than a decade, official data showed Tuesday.The 41.2 percent quarter-on-quarter drop was the worst ever recorded in the city-state, which is considered a barometer for the health of global trade. On-year, the economy contracted 12.6 percent in April-June, according to preliminary data released by the trade mi
ASEAN member state Indonesia, the fourth most populous nation in the world – confirmed its first COVID-19 cases in early March. Since then, the number of infections in the archipelago have soared. The largest increase of new cases in a single day was on 9 July with 2,657 cases reported. To date, over 76,000 coronavirus cases have been recorded in Indonesia – the highest in Southeast Asia.
The COVID-19 pandemic is entering its second phase as countries gradually reopen their economies and loosen or even revoke strict social-distancing measures. Yet, barring the arrival of an effective, universally available therapy or vaccine, the transition back to “normal” will be more aspirational than real.
It is no secret that the COVID-19 pandemic has severely affected livelihoods, local industries and the economy in general. As we enter nearly the seventh month of the outbreak – many have lost their jobs across Southeast Asia. According to the Asian Development Bank (ADB), the pandemic will threaten the employment of 68 million workers across Asia if the outbreak goes on until September.
The coronavirus crisis has taken a much heavier toll on jobs than previously feared, the United Nations (UN) said Tuesday, warning that the situation in the Americas was particularly dire.In a fresh study, the International Labour Organization (ILO) estimated that by the mid-year point, global working hours were down 14 percent compared to last December - equivalent to some 400 million full-time jobs.That is more than double the number forecast by the UN organisation back in April, when it ex
The deadly COVID-19 virus has been looming over nations around the world, preying on victims since it first appeared last December in Wuhan, China. To date, more than eight million people have been infected globally and fatalities are inching towards the half million mark. Other than threatening our health, the coronavirus has also severely affected livelihoods, major industries and the economy in general.
According to the International Labour Organisation (ILO), about 122 million children aged between five- and 14-years old work for their survival in Asia. Some surveys estimate that there are around 152 to 168 million child labourers across the world. The actual figure is unclear given the variations in the definition of child labour in different countries including variations in age of employability and nature of employment.
The coronavirus crisis has severely affected numerous sectors, from aviation, and tourism, to oil and gas even property. The World Bank noted in its recent ‘Global Economic Prospects’ report that the pandemic has caused the broadest collapse of the global economy since 1870.
The coronavirus pandemic inflicted a "swift and massive shock" that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said Monday.The world economy is expected to contract by 5.2 percent this year - the worst recession in 80 years - but the sheer number of countries suffering economic losses means the scale of the downturn is worse than any recession in 150 years, the World Bank said in its latest Global Econom
When the COVID-19 virus first emerged in Wuhan, China – many didn’t think that the novel coronavirus would drastically change their lives indefinitely. As we enter the sixth month of the outbreak – livelihoods, major industries, local businesses and the economy in general have been severely affected due to the pandemic. Governments have ordered nationwide lockdowns, controlled movements and travel restrictions in order to contain the deadly virus.
Shuffling around their tiny slum home which is too small to stand up in, Thanapat Noidee and his wife Papassorn share donated noodles with their sons and worry about bills, as the coronavirus pushes Thailand's poor deeper into penury.The wood and breeze-block hut which is their home stands in the heart of a Bangkok commercial district festooned with five-star hotels and upmarket restaurants.They share the small space in the shadow of the nearby high-rise developments with their children
Thailand's premier on Wednesday urged parliament to approve the kingdom's biggest-ever stimulus package to revive an economy battered by coronavirus, which has brought tourism to a standstill, slashed exports and left millions jobless. The THB1.9 trillion (US$59.6 billion) package would be a much-needed financial boost for Southeast Asia's second biggest economy, which is expected to shrink by 5-6 percent in 2020. Members of parliament - who inaugurated a new