Singapore's economy will grow by 5.5 percent next year, putting an end to the nation's worst recession ever, according to a survey of the Monetary Authority of Singapore (MAS).

Singapore's economy will grow by 5.5 percent next year, putting an end to the nation's worst recession ever (Photo: straitstimes.com)

The pace of growth can be even higher if successful vaccine deployment worldwide can effectively contain the COVID-19 pandemic, economists said.

Analysts said other factors that could impact Singapore's growth trajectory next year would include the upswing of the electronics cycle and the pace of recovery in other regional economies such as Malaysia, Indonesia and China.

The prospect of reopening borders to international travel was also seen as a potential upside.

The forecast comes after Singapore’s Ministry of Trade and Industry (MTI) said last month growth will rebound between 4 percent and 6 percent next year - the most since 2011 when the economy grew 6.3 percent.

However, the MTI expects the economy to shrink 6 percent to 6.5 percent this year.

The unemployment rate is forecasted to be 3.7 percent at the end of the year, up from their previous prediction of 3.5 percent.

Meanwhile, private residential property prices are projected to pick up in the October-to-December period.

Source: VNA