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Singapore Revises 2020 Outlook As the Economy Shrinks in the 3rd Quarter amid COVID-19

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.”

Read the entire article: https://www.channelnewsasia.com/news/business/singapore-revises-growth-outlook-q3-gdp-contract-covid-19-13616034

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