SEE: Singapore seeks to build green economy as part of its Green Plan 2030
Other sectors that remained in the red were administrative and support services (-14.9% y-o-y), professional services (-7.5% y-o-y) and other service industries (-5.7% y-o-y). For the administrative and support services sector this came from a shrinkage in its rental and leasing of construction machinery and equipment and air transport equipment. The other administrative and support services segment was dragged by poor performance of travel agencies, tour operators and MICE organisers. The professional services sector was meanwhile dragged by steep declines in the architectural and engineering, technical testing and analysis segments due to sustained weak demand from the construction sector. As for the other services industries, it was weighed down by segments such as arts, entertainment and recreation which had slumped due to lower visitor arrivals as well as the implementation of public health measures. Given the improvement in Singapore’s economic performance in 4Q2020, MTI is looking at a gradual recovery with growth averaging between 4% and 6% in 2021. Although the speed of vaccine deployment varies, advanced economies like the US and Eurozone are expected to reach population immunity by the second half of this year, which should in turn spur their economic recoveries, mulls Gabriel Lim, permanent secretary for trade and industry.