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Singapore Economy Seeing Signs Of Stabilisation, PM Says

Singapore Economy Seeing Signs Of Stabilisation, PM Says

Singapore's economy, which is set for its worst contraction this year due to the COVID19 pandemic, is seeing signs of stabilisation, its prime minister said on Thursday.

SINGAPORE: Singapore’s economy, which is set for its worst contraction this year due to the COVID-19 pandemic, is seeing signs of stabilisation, its prime minister said on Thursday.

“After our most severe downturn since independence, we look forward to a rebound in 2021, although the recovery will be uneven, and activity is likely to remain below pre-COVID-19 levels for some time," Lee Hsien Loong said in a New Year message.

Singapore’s economy is likely to contract between 6% and 6.5% this year, marking its worst recession, and grow 4% to 6% in 2021, according to official forecasts.

“Economically, we are not yet out of the woods either, but we are beginning to see signs of stabilisation," Lee said.

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first published:December 31, 2020, 16:00 IST