Singapore GDP development might top 6 percent in 2021 – Central bank

2021-07-01.

This comes after a record gross domestic contraction of 5.4 per cent in 2020 This follows a record gross domestic contraction of 5.4 percent in 2020

Singapore’s economy might beat projections and broaden this year by over 6 percent, the head of the reserve bank stated on Wednesday, June 30.

According to Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS, development “could exceed the upper end of the 4 to 6 per cent forecast range, barring a setback to the global economy.”

After a record gross domestic contraction of 5.4 percent in 2020, a strong exports-driven rebound early this year has actually currently set the rich city-state back on track, according to Menon.

“The Singapore economy had recouped in the first quarter of 2021 the aggregate output loss incurred during the pandemic,” he stated.

Menon thinks that anticipated high development in China and United States need to assist smaller sized economies such as Singapore, which depends greatly on trade and foreign financial investment.

“The strength of the rebound in the advanced economies should in turn provide a powerful tailwind for Asian economies, particularly those that are more actively engaged in global supply chains,” he stated.

Singapore GDP development might top 6 percent in 2021 - Central bank