Economic data reported by the key markets in Asia Pacific shows how the effect of the pandemic was felt over the first two quarters of 2020, ranging between a 9.1 percent year-over-year contraction in Hong Kong in first quarter 2020 to –11.47 percent in Singapore in second quarter 2020. This contraction was not only due to the massive business closures as a result of stringent social distancing, but also closures of the physical borders to nonresidents as early as March in these two city-states.
Singapore and Hong Kong are in a technical recession. Given the openness of their economies and reliance on external trade, it is probable recovery will not be for at least a few more quarters, depending on how the pandemic situation pans out.
The employment rate has been equally hit, particularly in China where unemployment spiked to more than 10 percent in the first quarter of this year, the highest level since 2000. Weak external demand continues to plague manufacturing ac
