Singapore's economy is set for a strong recovery next year after a deeper-than-expected slump amid the coronavirus pandemic.
In its August update of the ASEAN+3 Regional Economic Outlook 2020 report released on Thursday (Aug 6), AMRO said Singapore’s recovery will start to take shape in the second half of 2020, aided by the manufacturing and financial services sectors that have performed relatively better than other sectors.
However, services sectors such as tourism and hospitality will continue to suffer until a vaccine is widely available to allow lifting of curbs on international travel, he noted.