First quarter GDP figures for Singapore and Vietnam confirm that a sharp downturn is now underway. The figures for the second quarter are likely to be even worse. Meanwhile, Malaysia today declared itself at “war with an invisible force”, as it extended a national lockdown until at least the middle of next month and announced a stimulus package worth 250bn ringgit (18% of GDP). But even this huge stimulus will not prevent the economy from contracting sharply this year.
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