According to the Ministry of Trade and Industry (MTI) on Monday (Nov 23), Singapore’s economy is expected to shrink between 6% to 6.5%. It was announced in another revision to its 2020 outlook.
Singapore’s Gross Domestic Product (GDP) contracted by 5.8% in the third quarter on a year-on-year basis compared to the 13.3% in the previous quarter when the “circuit breaker” was still implemented.
While the MTI looks forward to a better economy growth in 2021, they are also expecting that the growth would be gradual. According to the ministry’s report, with businesses unlikely to return to pre-COVID-19 era, the recovery from the pandemic is likely to be “slow and uneven.”