Singapore's economy shrank by 5.8% in 2020, its worst contraction in over 50 years, with trade and tourism hit hardest by the pandemic. Analysts at DC Witter Group expect a gradual recovery in 2021, with limited growth in the first half and an uptick in the second half, hoping the economy will continue to stabilize. Key to recovery is vaccine deployment, with over 6000 vaccinated so far and plans for more centers to open by late February, though Singapore's rebound relies on broader global economic recovery as a trade-reliant nation.

1. DC Witter Group - Singapore's Economy to See Gradual Recovery in 2021
1888 Press Release -DC Witter Group analysts say Singapore's economy is likely to see limited recovery
during the first half of this year with an expected uptick in the final half of 2021.
Last year, Singapore’s economy shrank by 5.8%. Although this was better than the 6% that had been initially
forecast, it was still the worst contraction recorded since the city state’s independence more than 50 years
ago.
Major sectors that were most severely affected by the fallout of the coronavirus pandemic included trade and
tourism.
Analysts at DC Witter Group say the less severe than expected contraction thanks to an upward revision in
the third quarter was encouraging. Singapore’s economy is expected to maintain a gradual recovery during
the first half of this year and will likely see an uptick in economic activity in the second half.
“It is hoped that the economy will continue to stabilize during the course of this year,” said an economist at DC
Witter Group
Key to the country’s economic recovery is the deployment of vaccines. Vaccinations are already underway
with more than 6000 people already having received the vaccination since the country kicked off its
vaccination drive on the 30th of December last year. Singapore plans to have 4 vaccination centers in
operation by the end of this month and another 4 by the end of February.
As Singapore is a small nation that is heavily reliant on trade, its recovery will hinge on a wider global
economic recovery.
https://www.dcwittergroup.com