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Singapore’s 2021 GDP growth forecast to be 6.6%

This is slightly above the 6.5 per cent forecast in the previous survey report released by MAS this June, reports Xinhua news agency.

IANS | Singapore |

The Monetary Authority of Singapore (MAS) announced in a report on Wednesday that economists and analysts polled in the Survey of Professional Forecasters expect Singapore’s Gross Domestic Product (GDP) to grow by 6.6 per cent in 2021.

This is slightly above the 6.5 per cent forecast in the previous survey report released by MAS this June, reports Xinhua news agency.

In the current survey, the respondents expect the economy to grow by 7 per cent year on year in the third quarter of 2021.

As for inflation, the respondents forecast that Singapore’s Consumer Price Index for all items (CPI-All Items) would grow by 1.7 per cent in 2021, and the MAS core inflation, which excludes the cost of accommodation and private road transport, would come in at 0.7 per cent.

The economists and analysts forecast that Singapore’s GDP would grow by 3.9 per cent in 2022 when the CPI-All Items inflation is expected to hit 1.4 per cent, and the MAS core inflation is forecast to come in at 1.3 per cent.

The MAS said this month’s survey report reflects the views received from 24 respondents and does not represent MAS’ views or forecasts.