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Singapore's economy expected to expand between 5% – 5.9% in 2021: MAS Survey

Amala Balakrishner
Amala Balakrishner12/10/2020 11:05 AM GMT+08  • 3 min read
Singapore's economy expected to expand between 5% – 5.9% in 2021: MAS Survey
Respondents to MAS’ survey expect Singapore’s economy to contract by 6.0% this year.
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Market watchers expect Singapore’s economy to expand between 5.0% to 5.9% in 2021, according to findings from the Monetary Authority of Singapore’s (MAS) survey of professional forecasters released on Dec 9.

For the ongoing 4Q2020 ending in December, the 23 economists and analysts polled are looking at a 4.5% year-on-year contraction. As for the full-year, they anticipate a 6.0% contraction, in line with official estimates which point to a 6% to 6.5% shrinkage.

On a sectoral basis, the market watchers are looking at an expansion in sectors such as manufacturing (+5.8%), finance and insurance (+4.6%) and non-oil domestic exports (+4.2%). This comes on the back of the growth registered by these sectors in the 3Q2020 ended September.

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