Retail sales plunge 15.3% in 2020, in worst year on record: economists react

SINGAPORE's retail sales fell for the 23rd straight month in December 2020 by 3.6 per cent year-on-year (y-o-y), bringing the full-year contraction in retail spending to 15.3 per cent y-o-y. This is Singapore retail's worst performing year on record since data was made available in 1985, said economists, underperforming even their bearish forecasts.

"The decline is almost double the pace recorded duri…

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