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FILE PHOTO: A man stands in front of a screen showing a broadcast from Singapore Prime Minister Lee Hsien Loong, addressing the coronavirus disease (COVID-19) outbreak, in Singapore’s central business district, the April 3, 2020. REUTERS / Edgar Su / File Photo
SINGAPORE – Singapore’s economy, which is heading 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 slowdown since independence, we expect 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 to grow between 4% and 6% in 2021, according to official forecasts.
“Economically, we are not out of the woods either, but we are starting to see signs of stabilization,” Lee said.
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