Respondents on average estimated that the economy would most likely grow by at least 4 per cent next year.Economists' downgrading of the full-year GDP growth forecast is unsurprising, given the cut in the official growth forecast last month, said Ms Selena Ling, head of treasury research and strategy at OCBC Bank.How quickly Singapore's economy reopens will depend on the novel coronavirus situation, she said.
By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners.
Mediacorp Pte Ltd. All rights reserved.related media assets (image or videos) available. Singapore GDP - values, historical data and charts - was last updated on July of 2020. source: World Bank. This service is not intended for persons residing in the EU. 26 May 2020. Singapore economy forecast to shrink 0.8% in 2020 from coronavirus hit: S&P The revised forecasts are based on government authorities estimating the pandemic to peak … Singapore cuts 2020 GDP forecast range to -0.5% to 1.5% due to COVID-19 outbreak After seeing its economy grow at a decade-low of 0.7 per cent last year, Singapore is … Singapore GDP forecast to contract by 5.8% in 2020: MAS survey The Singapore economy is expected to contract by 5.8 per cent this year, according to economists and analysts polled in … MTI Downgrades 2020 GDP Growth Forecast to "-4.0 to -1.0 Per Cent" 26 March 2020.
... has cut the forecast from an earlier projection of a 0.8 per cent expansion in Singapore's gross domestic product.
Singapore’s unemployment rate climbed to its highest in a decade and total employment registered its sharpest quarterly decline in the first quarter of this year, as the labour market felt the early effects of COVID-19.There is perceived headroom for additional fiscal stimulus for the Singapore economy, said Ms Ling.Nevertheless, the extent of deterioration of the domestic labour market is something to watch, she added, as it depends on the speed of the Government’s "We see total and resident unemployment as likely to climb higher to 3-3.5 per cent and 4.0-4.5 per cent respectively by end-2020," she said.It looks like the email address you entered is not valid.Copyright© Mediacorp 2020. Escalating trade tensions and risks stemming from a deterioration in the labour market, including a rise in unemployment, were also identified as concerns.Singapore's GDP growth is expected to rise to 4.8 per cent in 2021 as a whole. Economic Performance in First Quarter 2020 The Singapore economy contracted by 0.7 per cent on a year-on-year basis in the first quarter, a reversal from the 1.0 per cent growth in the previous quarter. The Ministry of Trade and Industry (MTI) today revised Singapore’s GDP growth forecast for 2020 downwards to "-7.0 to -4.0 per cent". 19 MAY 2020
Singapore’s GDP Contracted by 2.2 Per Cent in the First Quarter of 2020. Economic Performance in First Quarter 2020.
Based on advance estimates, the Singapore economy contracted by 2.2 per cent on a year-on-year basis in the first quarter of 2020, reversing the 1.0 per cent growth in the preceding quarter.