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.