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Singapore economy to grow by 4-6% this year; 2020 contraction shaved to 5 4%

SINGAPORE - Singapore maintained its forecast for the economy to grow gradually this year out of its worst recession, and signalled continued support for the unemployed and vulnerable sections of the population. The economy will grow by 4.0 to 6.0 per cent this year, said the Ministry of Trade and Industry (MTI) on Monday (Feb 15), sticking to its forecast announced last November,  after weighing positive and negative developments in key external economies. The higher end of the 2021 estimate would make it the best year since 2011, when GDP grew by 6.3 per cent. However, the growth acceleration this year can be partially attributed to the low base set in the second quarter of 2020 when the economy shrank by 13.3 per cent - the worst in a quarter ever. 

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