Singapore's 2020 GDP to decline 6 pct: latest survey

2020-12-09 15:26

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SINGAPORE, Dec. 9 (Xinhua) -- 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 decline by 6 percent in 2020.

This remains unchanged from the previous survey report released by MAS this September.

In the current survey, the respondents expect the economy to contract by 4.5 percent year on year in the fourth quarter of 2020, compared to the 3.7 percent decline they forecasted in the previous survey.

As for inflation, the respondents forecast that Singapore's Consumer Price Index for all items (CPI-All Items) will fall by 0.3 percent in 2020, and the MAS core inflation, which excludes the costs of accommodation and private road transport, will come in at -0.2 percent.

The economists and analysts forecast that Singapore's GDP will recover and grow by 5.5 percent in 2021, when the CPI-All Items inflation and the MAS core inflation are forecast to both come in at 0.6 percent.

The MAS said this month's survey report reflects the views received from 23 respondents and does not represent MAS' views or forecasts.
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