Singapore's economy contracts by 5.4% in 2020; expected to grow by 4% to 6% in 2021

Singapore’s economy had ended 2020 with a 5.4% contraction, well within the -5% to -7% range predicted in official estimates.

This follows a 2.4% y-o-y contraction in the fourth and last quarter of the year, an improvement from the 5.8% decline logged in the previous quarter ended in September 2020, the Ministry of Trade and Industry (MTI) revealed on Feb 15. 

While most sectors remained in the red, some bright spots were already evident. The manufacturing sector was one such industry which grew by 10.3% y-o-y, thereby extending the 11% expansion it had logged in 3Q2020.