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Singapore's GDP plunged in 2020, household wealth increased instead, says Credit Suisse

The Edge Singapore
The Edge Singapore6/22/2021 05:52 PM GMT+08  • 3 min read
Singapore's GDP plunged in 2020, household wealth increased instead, says Credit Suisse
Wealth gain exceeded the magnitude of the GDP loss
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The sharp economic recessions caused by the pandemic last year did not hurt household wealth in countries including Singapore, contrary to common perceptions.

"Indeed, there is a hint that the countries facing the biggest economic challenges have achieved higher-than-average wealth gains," says Credit Suisse in its latest Global Wealth Report.

According to Credit Suisse, household wealth held up despite the record economic contraction because equity markets and housing prices did not tank.
"Most likely, it is testament to the success of government support programs and lower interest rates following central bank intervention," says Credit Suisse.

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