The Ministry of Trade and Industry (MTI) of Singapore on November 23 narrowed its forecast contraction to between 6 percent and 6.5 percent in 2020 (Photo: businesstimes.com.sg)Singapore (VNA) – The Ministry of Trade and Industry (MTI) ofSingapore on November 23 narrowed its forecast contraction to between 6 percentand 6.5 percent in 2020, from 5 percent to 7 percent before, as GDP improved inthe third quarter.
The economy shrank by 5.8 percent year-on-year in Q3, beating an earlierestimate of a 7-percent decline, on better-than-expected factory output inSeptember. The latest print takes the contraction for the first nine months to6.5 percent.
The country’s GDP is projected to grow by 4 percent to 6 percent in 2021, asthe world's major economies recover from the economic disruption of theCOVID-19 pandemic.
The recovery of the Singapore economy in the year ahead is expected to begradual, and will depend to a large extent on how the global economy performsand whether Singapore is able to continue to keep the domestic COVID-19situation under control, the MTI added.
With Singapore in the second phase of its three-stage reopening, the economyshrank by a more gradual 5.8 percent year-on-year in the July-September period,moderating from the 13.3 percent plunge seen in the three months prior.
On a quarter-on-quarter basis, Singapore's GDP added 9.2 percent in the third quarter,after slipping 13.2 percent in the second quarter./.
VNA
