Singapore economy may grow more than 6% this year, but recovery will be ‘disparate’ across sectors: MAS

SG buildingsThe Singapore economy, which marked its worst recession in 2020, may be in for a better-than-expected recovery this year on the back of strengthening external demand.

The Monetary Authority of Singapore (MAS) on Wednesday (Apr 28) said the country’s gross domestic product (GDP) “could exceed 6 per cent” in 2021 - the upper end of an official forecast range - barring a setback in the global economic recovery or a surge in locally transmitted COVID-19 cases.

Near-term economic prospects have brightened on the back of strengthening external demand, said the central bank in its latest half-yearly macroeconomic review.

“There are upside risks to growth such as from a stronger-than-anticipated upturn in the global electronics cycle, but these are accompanied by downside risks pertaining to the mutation of the virus and efficacy of vaccination,” it wrote.

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