Singapore, Dec. 31, 2020 Singapore’s Prime Minister Lee Hsien Loong said on Thursday in his New Year Message 2021 that the city state looks forward to an economic rebound in 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.
The prime minister said that Singapore was not yet “out of the woods” economically, but it is beginning to see signs of stabilisation, such as the picking-up of employment and the significant new investments made by multinational corporations in Singapore.
He said that Singapore’s government had gone all out to support the workers and companies, to prevent massive job losses and business failures.
Singapore’s Ministry of Trade and Industry said in November that Singapore’s GDP growth is expected to be between minus 6.5 per cent and minus 6.0 per cent in 2020, and between 4.0 per cent and 6.0 per cent in 2021.