Singapore likely to rebound from recession, achieve 7 per cent GDP growth in 2021: Report

SINGAPORE - Singapore's economy is set for a strong recovery next year after a deeper- than-expected slump amid the coronavirus pandemic, according to a report by the Asean+3 Macroeconomic Research Office .

Dr Hoe Ee Khor, Amro's chief economist, said Singapore's recovery will start to take shape in the second half of 2020 aided by the manufacturing and financial services sectors that have performed relatively better than other sectors. The Ministry of Trade and Industry expects Singapore's GDP to shrink by 4 to 7 per cent this year. So far there is no official forecast for 2021.

Nine of the 14 economies are expected to contract this year, with positive growth rates projected for China, Brunei, Lao PDR, Myanmar, and Vietnam. Amro's growth trajectory is predicated on the effective containment of Covid-19, both regionally and globally. "The biggest challenge facing Asean+3 policymakers in the second half of 2020 will be balancing the trade-off between easing restrictions to revive their economies and risking another wave of infections," she said.

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