{"id":50866,"date":"2020-11-24T06:50:20","date_gmt":"2020-11-23T22:50:20","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=152241"},"modified":"2020-11-24T06:50:20","modified_gmt":"2020-11-23T22:50:20","slug":"singapores-economy-set-to-grow-4-to-6-per-cent-next-year-ministry-latest-singapore-news-the-new-paper","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2020\/11\/24\/singapores-economy-set-to-grow-4-to-6-per-cent-next-year-ministry-latest-singapore-news-the-new-paper\/","title":{"rendered":"Singapore\u2019s economy set to grow 4 to 6 per cent next year: Ministry, Latest Singapore News The New Paper"},"content":{"rendered":"
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Singapore's economy has turned a corner and will rebound next year, though the recovery is expected to be gradual.
\nIt is still poised to grow by the fastest pace in a decade, helped by a low base, the Ministry of Trade and Industry (MTI) said yesterday.
\nIn its maiden forecast for next year, MTI said the economy may expand by 4 per cent to 6 per cent - the most since 2011, when it grew by 6.3 per cent.
\nHowever, gross domestic product (GDP) will probably not return to pre-Covid-19 levels until the end of next year, it said while presenting the Economic Survey of Singapore.
\nTrade and Industry Minister Chan Chun Sing said while the growth outlook may have improved, there was still much work to be done. Meanwhile, some of the gloom brought on by the pandemic is being dispelled.
\nThere were signs that the continued expansion of trade and manufacturing, and a gradual recovery in construction- and tourism-related sectors, would spur the rebound.
\nSingapore Singapore seeks to boost growth with new projects Nov 20, 2020 Related Stories Robinsons owes almost $32 million to more than 440 creditors Cortina Holdings proposes to acquire rival Sincere Watch for $84.5m Water treatment firm Hyflux placed under judicial management For this year, the economy will contract by 6.5 per cent to 6 per cent - less than the previous estimate of a 7 per cent to 5 per cent shrinkage.
\nThe full-year estimate was narrowed after the economy did better in the third quarter than expected. It expanded by 9.2 per cent on a quarter-on-quarter seasonally adjusted basis in the July-September period, a turnaround from the 13.2 per cent decline in the second quarter, the Economic Survey showed.
\nThe Government will continue to support businesses and workers to pivot and adapt to the new realities of a Covid-19-stricken world, said Mr Chan.
\n\"If we are able to help our businesses and workers make the necessary adjustments and pivot quickly, I have every reason to believe that we will emerge in a stronger position than before,\" he said.
\nMr Gabriel Lim, Permanent Secretary for Trade and Industry, said the improved showing in the third quarter came as activities resumed after the circuit breaker ended on June 1.
\nThe forecast of a return to positive growth next year is based on an improved outlook for trade-related services, while the manufacturing sector continues to march on, boosted by robust electronics and semiconductor demand.
\nGRADUAL Aviation- and tourism-related sectors are projected to see a gradual recovery in visitor arrivals, which in turn will benefit consumer-facing retail and food service sectors.
\nStill, economic activity in these sectors is not likely to return to pre-Covid-19 levels, even by end-2021.
\nConstruction may recover, although safe management measures will keep the sector subdued.
\nMr Kenny Tan, a director at the Ministry of Manpower, said employers are likely to take a cautious view towards fresh hiring.
\nThus, unemployment will likely remain at elevated levels even as GDP growth rebounds, he added.
\nFOR MORE, READ THE STRAITS TIMES<\/p>\n

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore's economy has turned a corner and will rebound next year, though the recovery is expected to be gradual.
\nIt is still poised to grow by the fastest pace in a decade, helped by a low base, the Ministry of Trade and Industry (MTI) said yesterda…<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[586,1607,194,1002,940],"tags":[6518,10528,10324,3312,7010,10328,6811,1859,10380],"class_list":["post-50866","post","type-post","status-publish","format-standard","hentry","category-economy","category-manufacturing","category-news-chinese-law","category-retail","category-tourism","tag-aviation","tag-chan-chun-sing","tag-covid-19","tag-electronics","tag-expansion","tag-pandemic","tag-semiconductor","tag-singapore","tag-singapore-general-news"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/50866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=50866"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/50866\/revisions"}],"predecessor-version":[{"id":50867,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/50866\/revisions\/50867"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=50866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=50866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=50866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}