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Decline in Singapore's economy comes in better than expected at -5.8% in 3Q2020

Amala Balakrishner
Amala Balakrishner11/23/2020 09:16 AM GMT+08  • 5 min read
Decline in Singapore's economy comes in better than expected at -5.8% in 3Q2020
GDP not likely to return to pre-Covid levels until the end of 2021," noted Gabriel Lim, Permanent Secretary for MTI.
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Singapore’s Ministry of Trade and Industry (MTI) has revised its growth forecast for the year to -6.5% and -6%, from its previous estimate of a -7% to -5% range.

The move comes as the global economic situation “has remained subdued” with some economies like China expected to see sustained recovery for the rest of the year as the Covid-19 infections in their country remain under control.

"While growth is expected to rebound from the low base this year, our economic recovery is expected to be gradual, with GDP not likely to return to pre-Covid levels until the end of 2021," noted Gabriel Lim, Permanent Secretary for the trade and industry ministry.

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