SINGAPORE (13 Dec): Singapore’s economy is likely to have dodged a recession this year, with private-sector economists expecting a full year growth of 0.7%, up from their initial 0.6% growth estimate in September. This follows the better-than-expected Gross Domestic Product (GDP) of 0.5% for 3Q2019. 

GDP growth estimates from a survey of 22 economists by the Monetary Authority of Singapore released on Nov 11 are in line with the Trade and Industry Ministry’s (MTI) projection of a 0.5 to 1% growth in 2019. In 2020, GDP growth, on average, is expected to rise to 1.5% for 2020 as a whole according to the MAS survey. However, this latest 1.5% average growth estimate for next year is marginally slower that economists’ growth estimate of 1.6% made in MAS’ survey in September.

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