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Investing.com– Asian Tigers, extensively known as Asia’s high-growth economies viz. Singapore, South Korea, Hong Kong, and Taiwan struggled with a major plunge in the GDP growth last quarter. All of us understand that the downturn in the economy came thanks to the COVID-19 pandemic, however the more surprising part was the degree of this decrease for some nations. Singapore’s GDP plunged by an enormous 13.2%YoY in the 2nd quarter ending June2020 The lockdown inflicted damage on the tourist and retail sectors of Singapore while weak worldwide need impacted the exports.
Talking of exports, South Korea is another economy that is dependent a lot on exports for its economic development. Its GDP declined by a small 2.9%in the June quarter compared to the last year, it was still the biggest fall in the last 22 years.
Hong Kong, which is already having a hard time from the double whammy of coronavirus and China imposing nationwide security law on it, experienced a 9%contraction in its GDP in the last quarter. Hong Kong’s GDP has actually now decreased for the 4th straight quarter, which has currently been hit by the anti-government demonstrations last year.
Out of all the Asian Tigers economies, Taiwan’s economy was the least affected as its GDP declined by a mere 0.73%year-on-year. Taiwan was able to manage the spread of the coronavirus, and the decline primarily came from the reduction of travelers thus affecting the airlines and the hotel industry.
United States GDP contracted by 34%however the fiscal and monetary support from the U.S. Federal Reserve and the US government supported the stock markets. The UK’s GDP declined by in the last quarter.
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