COVID-19 Global roundup: Arduous road ahead for Asian economy

Gross domestic product (GDP) dived by a record 41.2 percent in the three months ended March, on a quarter-on-quarter annualized basis, preliminary data from the Ministry of Trade and Industry showed on Tuesday.

The latest GDP estimate was worse than analyst's expectation. Economists polled by Reuters had forecasted the Southeast Asian economy to shrink 37.4 percent in the quarter when countries were under lockdown to curb the spread of the virus.

The first in Asia to report second-quarter GDP data, the grim numbers for the wealthy city-state - a bellwether for the global economy - underscore the sweeping economic impact of the COVID-19 pandemic and also point to an arduous road ahead. 

(With input from agencies)

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