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bankingDecember 10, 2020

S’pore central bank forecast says economy to shrink by 6%

Singapore’s economy will likely shrink by 6 per cent this year, according to economists surveyed by the city-state’s central bank.
A report published on Wednesday by the Monetary Authority of Singapore (MAS) suggested that the 2020 gross domestic product (GDP) contraction is due to huge losses in hard-hit sectors such as construction and tourism.
Although Singapore’s third-quarter year-on-year GDP drop of 5.8 per cent was “a smaller decline than expected,” according to the report, a further 4.5-per-cent contraction is expected for the final quarter of the year as the novel coronavirus pandemic and related restrictions hamper demand in Singapore’s Western trade partners.
Measured quarter-on-quarter, Singapore’s economy has been recovering since a record 13.3 per cent contraction during the April-June period, which coincided with the city-state imposing a “circuit breaker” lockdown after a surge in virus cases among migrant workers. Singapore’s economy could grow by 5-6 per cent in 2021, the forecasters said.