he COVID-19 pandemic is the single most devastating economic event in the last 11 years.
To put things in perspective, Singapore is seeing its worst GDP contraction since independence in 1965, falling by 13.2% in the second quarter of this year.
Meanwhile, the US has seen a record number of job losses since February, with a staggering 11.5 million people going out of work.
In Singapore, total employment plunged by 103,500 in June alone, the highest level within a single month on record.
The overall unemployment rate here hit 2.8% in June, while the US has seen its unemployment rate settling at 8.4%.
Despite sharing the same economic pain, the stock market in Singapore and the US seen vastly differing fortunes.
The US stock market has recovered its year to date losses and even gone on to achieve new all-time highs.
Our local stock market, on the other hand, is still mired in a punishing bear market amid lacklustre trading interest.