Third Quarter 2020, Singapore’s Economy Minus 5.8 Percent

SINGAPORE, KOMPAS.com – Economy Singapore in the third quarter of 2020 it experienced a contraction of 5.8 percent year on year alias compared to last year.

Although still a minus, the Singapore Ministry of Trade and Industry (MTI) said that figure was better than the previous estimate of minus 7 percent.

As quoted from CNBC, Monday (23/11/2020), compared to the previous quarter, the economy Singapore from July to September 2020 grew 9.2 percent. In the second quarter, Singapore’s GDP experienced minus 13.2 percent.

With this new economic data, MTI is projecting Singapore economy this year it will shrink between 6 percent and 6.5 percent. This figure is smaller than the previous official estimate of a 5 percent to 7 percent contraction.

Also read: Quarter III-2020, Singapore’s Economy is Estimated to be Minus 7 Percent

DBS Bank economist said, with the Covid-19 pandemic under control, Singapore’s economy is now starting to improve.

Like any other country, Singapore has been hit hard by policy lockdown which suppressed economic activity for most of the second quarter.

After June 2020, Singapore began to revoke this policy and resume economic activity, in order to accelerate recovery the economy.

“The despair and disappointment that has dominated for several months this year and is gradually giving way to hope and optimism for recovery as it moves into 2021,” said DBS Bank economists in its economic forecast report.

DBS economists expect the Singapore economy to contract by 6 percent this year, and will recover with 5.5 percent growth in 2021.

Also read: RI-Singapore Continue Financial Cooperation Worth US $ 10 Billion

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