Singapore GDP is forecasted to grow up to 5.8% in 2021.

  • Ace Global
  • December 30, 2021

According to 24 economists surveyed by the Monetary Authority of Singapore (MAS), the gross domestic product of Singapore is predicted to rise to 5.8 percent this year.

Formerly, they had expected the GDP to increase by 5.5 percent in the previous survey, which was carried out in December of 2020. Furthermore, the overall unemployment rate is believed to be lower than 2.9 percent by the end of this year. This percentage is slightly lower than the 3 percent in the previous survey.

After being struck by the COVID-19 pandemic, this forecast has brought up positive signals for the improvement of the Singapore economy. However, according to economists from the MAS survey for the first quarter of 2021, the economy will likely stay in unstable conditions. And the biggest laggard in the whole improvement process is the construction sector.

Gradually, the construction sector is expected to recover, with a 22.5 percent growth for 2021. This percentage is still lower than the 29 percent of the earlier estimates.

The manufacturing sector is expected to remain a highlight for the national economy. With a growth of 4.7 percent, this sector has improved the earlier estimates of a 4.5 percent growth. The finance and insurance sector expectations also increase at 5.8 percent, which was higher than 5.1 percent in the previous survey. Another industry expected to rise this year is non-oil domestic exports, which upgrade from 4 percent to 6.9 percent.

To further predict, Singapore economists have high expectations for the Singapore economy to grow by 3.8 percent in 2022. The Singapore economy is on the mend but still remains unstable in the recovery process.

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