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SINGAPORE – Singapore’s economic decline is expected to have slowed significantly in the third quarter as the city-state loosened coronavirus curbs, giving the central bank room to keep monetary settings unchanged when it meets next week.
Gross domestic product (GDP) is expected to contract 6.8 per cent from the same period a year earlier, according to the median forecast of 11 economists in a Reuters poll, marking the third straight quarter of decline.
The economy had shrunk 13.2 per cent in April-June – its worst performance on record as the country went into lockdown.
GDP may jump 35.3 per cent on a quarter-on-quarter seasonally adjusted and annualised basis in July-September, the poll showed, picking up from a 42.9 per cent plunge in the second quarter.
“We expect a rebound from the second-quarter lows as economic activities partially resumed from June, although some restrictions remain,” said Jeff Ng, senior treasury strategist at HL Bank.
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