Economists Raise Forecasts for Singapore's Economic Growth in 2021, MAS Survey Shows

Marketwatch2021-12-08

Singapore's economy will likely grow at a faster pace this year than previously expected as higher construction, finance and insurance activity outweighs sluggish accommodation and food services ...

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That compares with the 6.6% forecast made in MAS's September survey.\nIn 2022, forecasters expect economic growth to moderate to 4.0%.\nEconomists raised their 2021 construction-sector growth forecast to 21.0% from 16.6%, and raised their estimate for finance and insurance activity growth to 7.5% from 6.8%. They maintained a forecast for 11.4% growth in manufacturing and lowered expectations for accommodation and food services growth to 3.1% from 5.9%.\nThey also raised the 2021 forecast for non-oil domestic exports growth to 10.9% from 9.0%. Exports growth is expected at 4.8% for next year.\nAll-items CPI growth this year was projected at 2.1%, up from the 1.7% forecast previously. 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