Light at the end of the tunnel? Singapore to maintain 5.8% G

Light at the end of the tunnel? Singapore to maintain 5.8% GDP growth forecast
Staff Reporter
© Provided by Singapore Business Review
Singapore continues to recover from its 5.2% contraction in 2020, as Fitch Solutions maintains its forecast of 5.8% gross domestic product (GDP) growth in 2021.
According to Fitch, the relatively strong performance of 0.2% YoY growth in Q1 2021, which outperformed consensus estimates of -0.2% YoY growth, gives confidence in its view that Singapore will see unusually strong growth figures off a very low base in 2020 during which the economy contracted by 5.2% in real terms.
"Broadly, we expect all expenditure components except government consumption to contribute positively to growth. Private consumption and fixed investment are likely to pick up as slack in the economy dissipates along with progress in vaccination campaigns around the world, supported by residual the government's budget measures to boost these two segments," Fitch said.

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