Singapore's economy will grow by 5.5 percent next year, putting an end to the nation's worst recession ever (Photo: straitstimes.com) Singapore (VNA) – Singapore's economy will grow by 5.5 percentnext year, putting an end to the nation's worst recession ever, according to a surveyof the Monetary Authority of Singapore (MAS).
The pace of growth can be even higher if successful vaccine deploymentworldwide can effectively contain the COVID-19 pandemic, economists said.
Analysts said other factors that could impact Singapore's growth trajectorynext year would include the upswing of the electronics cycle and the pace ofrecovery in other regional economies such as Malaysia, Indonesia and China.
The prospect of reopening borders to international travel was also seen as apotential upside.
The forecast comes after Singapore’s Ministry of Trade and Industry (MTI) saidlast month growth will rebound between 4 percent and 6 percent next year - themost since 2011 when the economy grew 6.3 percent.
However, the MTI expects the economy to shrink 6 percent to 6.5 percent thisyear.
The unemployment rate is forecasted to be 3.7 percent at the end of the year,up from their previous prediction of 3.5 percent.
Meanwhile, private residential property prices are projected to pick up in theOctober-to-December period./.
The pace of growth can be even higher if successful vaccine deploymentworldwide can effectively contain the COVID-19 pandemic, economists said.
Analysts said other factors that could impact Singapore's growth trajectorynext year would include the upswing of the electronics cycle and the pace ofrecovery in other regional economies such as Malaysia, Indonesia and China.
The prospect of reopening borders to international travel was also seen as apotential upside.
The forecast comes after Singapore’s Ministry of Trade and Industry (MTI) saidlast month growth will rebound between 4 percent and 6 percent next year - themost since 2011 when the economy grew 6.3 percent.
However, the MTI expects the economy to shrink 6 percent to 6.5 percent thisyear.
The unemployment rate is forecasted to be 3.7 percent at the end of the year,up from their previous prediction of 3.5 percent.
Meanwhile, private residential property prices are projected to pick up in theOctober-to-December period./.
VNA
