Singapore's GDP expected to grow 5.8 pct this year: survey

2021-03-10 15:17

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SINGAPORE, March 10 (Xinhua) -- The Monetary Authority of Singapore (MAS) said 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 5.8 percent in 2021.

This is above the 5.5-percent forecast in the previous survey report released by the MAS in December 2020.

In the latest survey, the respondents expect the economy to contract by 1.1 percent year-on-year in the first quarter of 2021.

As for inflation, the respondents forecast that Singapore's Consumer Price Index for all items (CPI-All Items) would grow 0.9 percent this year, and the MAS core inflation, which excludes the costs of accommodation and private road transport, would come in at 0.7 percent.

The economists and analysts forecast that Singapore's GDP would grow 3.8 percent in 2022, when the CPI-All Items inflation and the MAS core inflation are forecast to rise 1.1 percent and 1.2 percent, respectively.

The MAS said the survey report reflects the views received from 24 respondents and does not represent MAS' views or forecasts.
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