Singapore economy seeing signs of stabilization, PM says

FILE PHOTO: A man stands in front of a screen showing a telecast of Singapore’s Prime Minister Lee Hsien Loong addressing the outbreak of coronavirus disease (COVID-19), at the central business district in Singapore, April 3, 2020. REUTERS/Edgar Su/File Photo

SINGAPORE— Singapore’s economy, which is set for its worst contraction this year due to the COVID-19 pandemic, is seeing signs of stabilization, its prime minister said on Thursday.

“After our most severe downturn since independence, we look forward to a rebound in 2021, although the recovery will be uneven, and activity is likely to remain below pre-COVID-19 levels for some time,” Lee Hsien Loong said in a New Year message.

Singapore’s economy is likely to contract between 6% and 6.5% this year, marking its worst recession, and grow 4% to 6% in 2021, according to official forecasts.

“Economically, we are not yet out of the woods either, but we are beginning to see signs of stabilization,” Lee said.

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