Singapore is first in Asia to report second-quarter GDP data with a downfall of 41%, the grim numbers sounds a challenging outlook for the global 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. That was worse than economists’ expectations for a 37.4-percent decline in the quarter when Singapore was under a lockdown to curb the spread of the virus.

“If you want to read something into this, it is what is going to happen to economies that have taken a similar sort of lockdown,” said Rob Carnell, chief economist, Asia-Pacific at ING Bank.

In June, the International Monetary Fund warned of a steep contraction in global economic activity as the health crisis shut businesses, depressed consumption and paralyzed trade. It forecasts 2020 world output to shrink by 4.9 percent, compared with a 3.0-percent contraction predicted in April.

“We were expecting these numbers to look quite dismal, although this is worse than what we had expected,” said Steve Cochrane, economist at Moody’s Analytics.

On a year-on-year basis, GDP dived 12.6 percent versus economists forecast for a 10.5-percent contraction. The sectoral impact was broad based with the services and construction sector hardest hit.

The once-in-a-century pandemic has so far infected over 13 million people worldwide and killed more than 571,000. Singapore has reported 46,283 coronavirus cases with 26 deaths. Many major economies are already facing their steepest downturn in decades.