JAKARTA - Singapore's economy is expected to accelerate in 2021 after the effects of the COVID-19 pandemic end. The local Ministry of Industry and Trade predicts the Lion Country's economy will grow 4 to 6 percent in 2021.
The global recovery from the impact of the COVID-19 pandemic and the easing of travel and security restrictions are the driving forces for the speeding up of the Singapore economy. Apart from that, there was also a factor in the recovery of Singapore's economic outlook in the manufacturing sector, mainly driven by the electronics sector.
"Given the improving outlook for external economic growth, as well as the easing of global travel restrictions and domestic public health measures expected in the coming year, Singapore's economy is projected to resume growth in 2021," said the Ministry of Industry and Trade. November.
The prospect of Singapore's economic growth also emerges due to developments regarding the COVID-19 vaccine. However, the risk of transmitting COVID-19 still exists.
The relaxation of travel restrictions also cannot be enforced just like that. This was marked by a delay in implementing the travel bubble with Hong Kong because of the soaring cases of the corona virus in the country.
For 2020, the Ministry of Industry and Trade has revised the economic contraction to minus 6-6.5 percent from minus 5-7 percent previously. The ministry also said the economic weakness shrank less than previously estimated in the three months to September.
Gross domestic product (GDP) fell 5.8 percent in the third quarter from a year earlier, according to the final estimate released by the ministry. This figure is better than the previous estimate of 7 percent contraction.
Singapore's drop in COVID-19 cases has provided room for policymakers to loosen restrictions that hinder business. The number of daily cases, including incoming travelers ordered into quarantine, can be counted on the fingers over the last few weeks.
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