Economists of Singapore are more optimistic about the outlook for the country’s economy next year, with a survey showing that they expect growth of 5.5 percent on average in 2021, said the Monetary Authority of Singapore (MAS) on September 7.
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Economists expect Singapore's growth of 5.5 percent on average in 2021. (Photo: AP) |
Overall, the 28 economists who responded to the MAS survey gave economic growth forecasts of between 4 percent and 5.9 percent for 2021. This is higher than the 4.8 percent growth for the year that they had forecast when last surveyed in June.
While the respondents are more positive about next year, they are slightly more pessimistic about 2020. The economists now expect the economy to contract by 6 percent as a whole this year. In June, they had forecast a 5.8 percent decline for 2020.
According to the economists, the top risk to Singapore’s growth outlook is a further deterioration of the COVID-19 situation.
The escalation of tensions between the US and China was also identified as a risk, they noted, along with a slower-than-expected global economic recovery./.