Singapore’s Economy Falls 5.8% in 2020, Biggest Contraction in its History

Singapore’s economy declined by 5.8% in 2020, the largest decline in its history, but lower than the forecasts of 6.5%.

Song Seng Wun, a regional economist with CIMB Private Banking, said the contraction was not as big as expected because of Singapore’s international exports.

Song said he expects a “rebound of around 6%” in 2021.

Source: Inquirer