The Monetary Authority of Singapore (MAS) has said in a report that economists and analysts polled in the Survey of Professional Forecasters expect Singapore's gross domestic product (GDP) to grow 5.8 per cent in 2021.
This is above the 5.5-per cent forecast in the previous survey report released by the MAS in December 2020, reports Xinhua.
In the latest survey, the respondents expect the economy to contract by 1.1 per cent year-on-year in the first quarter of 2021.
As for inflation, the respondents forecast that Singapore's Consumer Price Index for all items (CPI-All Items) would grow 0.9 per cent this year, and the MAS core inflation, which excludes the costs of accommodation and private road transport, would come in at 0.7 per cent.
The economists and analysts forecast that Singapore's GDP would grow 3.8 per cent in 2022, when the CPI-All Items inflation and the MAS core inflation are forecast to rise 1.1 per cent and 1.2 per cent, respectively.
The MAS said on Wednesday the survey report reflects the views received from 24 respondents and does not represent MAS' views or forecasts.