Singapore’s economy is expected to contract 6% this year as private-sector economists downgrade their earlier forecast.
The economists expect GDP to decline by 7.6% in Q3.
As for unemployment rate, it’s forecast to be at 3.5% by year-end, down slightly from an earlier estimate
With the the local improving Covid19 situations on Community transmission, will business activities pick up in Q4 2020? Or will it stay stagnant at the forecast Level? Or deteriorate even further?
My more conservative approach is that it might take several quarters to surpass our already slowed real economy pre-Covid.
And it very much depend on how our Singapore Economy innovate itself, the marco level of US-China tensions and Supply Chain Disruptions that is happening in the region. And of course the speed and safety development of Vaccine of Covid19.
What do you think?