Singapore economy looks to rebound in 2021; experts caution against addiction to grants

What a year 2020 had been, with the coronavirus upending industries, supply chains and the livelihoods of many across the world. Latest forecasts by the International Monetary Fund (IMF) put the contraction in the global economy at 4.4% for 2020 while growth is expected to “remain weak for years to come,” says Kon Yin Tong, president of the Institute of Singapore Chartered Accountants (ISCA). He was speaking at the Virtual Pre-Budget 2021 Roundtable on Jan 14 organised by the institute. However, things seem to be improving as the city-state’s unemployment rate last year had — for the first time — inched down to 3.3% in November 2020 from 3.6% in October 2020.