Singapore Economic Data Show Signs Of Recovery In 2021

Singapore shares ended in positive territory on Monday as economic data provided a glimpse of recovery in 2021.

The Ministry of Trade and Industry (MTI) on Monday narrowed its 2020 growth forecast contraction to between 6 per cent and 6.5 per cent, from 5 per cent to 7 per cent before but the gross domestic product (GDP) is projected to grow by 4 per cent to 6 per cent in 2021 as major economies recover.

head of treasury research and treasury at OCBC, Selena Ling, said that the narrowed forecast range, while surprising, signals a “fair measure of caution on the part of policymakers”.

Meanwhile, the Straits Times Index (STI) ended the day at 2,848.78 points, up 35.77 points or 1.27 per cent. Across the broader market, advancers outpaced decliners 331 to 149, as 5.20 billion shares worth S$1.63 billion changed hands.