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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
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