Pvt-sector economists raise S’pore’s 2021 growth forecast

15 June, 2021 12:00 AM printer

NEW DELHI: Private-sector economists have further raised their growth forecast for 2021 to 6.5 per cent, according to the Singapore central bank’s survey of professional forecasters on Monday.

In the previous survey released in March, economists had predicted a full-year growth of 5.8 per cent, report agencies.

This June survey is based on the views of 24 respondents polled by the Monetary Authority of Singapore.

The report noted that Singapore’s first-quarter gross domestic product (GDP), at 1.3 per cent, was stronger than respondents’ forecast of a 1.1 per cent contraction in the previous survey.

As for the second quarter, economists are expecting an expansion of 15 per cent year on year, coming off the low base during last year’s Q2, when Singapore was in the midst of a “circuit breaker”, or partial lockdown.