Singapore's 2021 GDP growth forecast revised up to 6.9%, says survey

Gantry cranes stand at the Port of Singapore in Singapore, on Friday, July 12, 2019. An unexpected contraction in Singapore’s economy and a slump in China’s exports sent a warning shot to the world economy as simmering trade tensions wilt business confidence and activity. Photographer: Ore Huiying/Bloomberg

SINGAPORE, Dec 8 (Xinhua): Singapore's GDP is expected to grow by 6.9 percent this year according to economists and analysts in the Survey of Professional Forecasters, the Monetary Authority of Singapore (MAS) has announced in its report.

This is slightly above the 6.6-percent forecast in the previous survey released by the MAS in September.

In the current survey, the respondents expect the economy to grow by 4.6 percent year-on-year in the fourth quarter of 2021.

As for inflation, the respondents forecast that Singapore's Consumer Price Index for all items (CPI-All Items) would grow by 2.1 per cent in 2021, and the MAS core inflation, which excludes the costs of accommodation and private road transport, would come in at 0.9 per cent.

The economists and analysts forecast that Singapore's GDP would grow by 4 per cent next year, when the CPI-All Items inflation is expected to hit 2.1 per cent, and the MAS core inflation is forecast to come in at 1.8 per cent.

The MAS said this month's survey report reflects the views received from 22 respondents and does not represent MAS' views or forecasts. - Xinhua

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