Economists maintain outlook despite better-than-expected 2020 GDP data

Singapore

IT'S the worst recession on record, but Singapore's 2020 economic contraction has turned out to be slightly milder than expected at 5.8 per cent year on year - just a notch lower than the official forecast of a 6 to 6.5 per cent contraction.

Still, it's not quite enough for most economists to revise their 2021 outlook, even though advance estimates of Q4's gross domestic product (GDP) outperformed their expectations by close to a percentage point, shrinking 3.8 per cent.