“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 said. SINGAPORE: Economically, Singapore is not yet out of the woods either, but it is beginning to see signs of stabilisation, says Prime Minister Lee Hsien Loong in his New Year Message 2021. “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, ” he said. Singapore’s gross domestic product growth is expected to come in at -6.5% to -6% in 2020 and +4% to +6% in 2021. The republic’s Ministry of Trade and Industry will release the advance GDP estimates for the fourth quarter and the whole year of 2020 on Jan 4. Lee said through enormous effort and sacrifice, “we have stabilised our situation in Singapore, even as the virus continues to rage on elsewhere in the world.” The Prime Minister noted that the republic has achieved its primary objective to protect lives and keep the people safe. “We have kept our fatality rate very low. The number of new local infections has come down to a handful a day, and zero on many days, ” he said. Singapore, which so far reported 29 deaths due to the coronavirus, has entered phase three of reopening of its economic and social activities on Dec 28. — Bernama
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