Central bank survey: Singapore GDP could grow by 6.5 percent in 2021

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Singapore’s economy could grow by 6.5 per cent this year, according to economists canvassed by the city-state’s central bank.

In its latest survey of forecasters, the Monetary Authority of Singapore (MAS) said on Monday that the projected expansion would be “driven in part by robust global demand for electronics,” as well as by hopes for “containment” of the coronavirus pandemic and the “reopening of borders.”

Powered by surging exports of electronics and pharmaceuticals, gross domestic product in South-east Asia’s wealthiest economy expanded by more than 3 per cent in the first quarter, the government estimated last month.

The MAS said on Monday that the growth, which followed a record 5.4-per-cent contraction in 2020, was “better than expected.”

Singapore’s domestic economy largely returned to normal after a first pandemic lockdown ended a year ago. Some curbs were reintroduced last month after a slight jump in coronavirus case numbers, before being relaxed again from Monday.

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