By Ronnie HaruiSINGAPORE--Economists expect a deeper contraction for Singapore's economy this year due to steeper declines in construction, accommodation and food services and private consumption, a central bank survey showed Monday. That compares with the June survey's prediction for a 5.8% contraction in Singapore's GDP this year. Economists expect construction to shrink 23.0% in 2020, compared with their previous forecast for a 11.4% contraction. However, economists predict Singapore's exports of locally produced goods to rise 4.5% this year, up from 0.0% projected in the prior survey. GDP growth is expected at 5.5% in 2021, with respondents on average projecting Singapore's economy to expand at least 4% next year.

Source: Wall Street Journal September 07, 2020 04:18 UTC