Recession in Singapore, What is the Impacts on KEPRI? Here's BI Kepri Representative Response

TRIBUNBATAM.id - Shocking news came from Singapore. In the midst of the Covid-19 pandemic, Singapore reportedly experienced an economic recession.

This follows the decision of the 'Lion country' government to implement a lockdown some time ago to break the spread of Covid-19.

This recession has attracted a lot of attention, including the Head of the Bank Indonesia (BI) Kepri Representative Office, Musni Hardi K Atmaja. According to him, the recession in Singapore will affect the Riau Islands economy. 

The following is the attachment of the response quoted by the Tribun Batam:

1. Singapore's economy is experiencing a contraction, mainly because its economic structure is dominated by export-import activities. With the limitation of movement in Singapore in the second quarter of 2020, surely a significant impact on Singapore's export-import trade is expected. 

2. In the first quarter of 2020, Singapore's economy contracted by -0.7% (yoy). On the other hand the Riau Islands still grew 2.06% (yoy)

3. Considering that most of the Riau Islands export destinations are Singapore, contraction in Singapore will certainly have an impact on the Riau Islands economy through trade.

4. Singapore's economic contraction in the second quarter affected the economic condition of the Riau Islands in the second quarter which is estimated to be lower than the first quarter, so that for the whole of 2020 the economy of the Riau Islands has the potential to grow near the lower limit of the 1.5-1.9% range, yoy. 

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The economic recession during the Covid-19 pandemic is said to be a new normality.

This was conveyed directly by the Director of Research at the Center for Reform on Economics (CORE), Piter Abdullah.

Recession is also considered normal because the whole world is experiencing economic weakness during this Corona virus outbreak. 

Singapore has just officially experienced a recession after contracting economic growth in the second quarter.

In the first quarter of 2020 Singapore's economic growth was recorded at minus 0.7 percent, then continued to minus 12.6 percent in the second quarter of 2020. (Tribunbatam.id/Rebekha) 

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