WORLD Singapore's GDP contracts 5.4% in 2020, on path to recovery from COVID-19 pandemic

WORLD

Singapore's GDP contracts 5.4% in 2020, on path to recovery from COVID-19 pandemic

CGTN

10:33, February 15, 2021

Singapore's economy shrank by 5.4 percent in 2020, the Ministry of Trade and Industry (MTI) said on Monday, slightly better than forecasts of a 5.8 percent contraction.

File photo: CFP

This marked Singapore's first annual contraction since 2001 and the worst recession since independence in 1965 due to the COVID-19 pandemic which has largely erupted the country's sectors including construction and services.

In the fourth quarter in 2020, gross domestic product (GDP) in Singapore fell 2.4 percent year-on-year and on a quarter-on-quarter seasonally adjusted basis, while the economy expanded by 3.8 percent.

The government said outward-oriented sectors are likely to benefit from a pickup in global economic activity, but activity levels in sectors related to tourism and aviation are projected to remain below pre-pandemic levels even by the end of 2021.

The government expects GDP to grow 4 percent to 6 percent this year.

(With input from Reuters)

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue