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Our Performance Sustainability Statement Our Governance Our Numbers Other Information
Governance

Emerging Brazil Russia Outlook for 2021
Market and 1.1 3.6 1.1 3.6 1.3 3.0 Recent vaccine approvals and vaccination
Developing -4.5 -4.5 -3.6 programme have raised hopes of a global
Economies
turnaround in 2021, although renewed waves
and new variants of the virus pose concerns.
Amid the uncertainty, the global economy is
projected to grow 5.5% y-o-y in 2021. The 2021
forecast is revised upward 0.3 percentage point
relative to the previous IMF forecast, reflecting
expectations of a vaccine-powered strengthening
2019 2020 2021:P 2019 2020 2021:P 2019 2020 2021:P
of activity later in the year and additional policy
support in a few large economies.
India China Singapore
The US economy is expected to record positive
4.2 -7.0 11.5 6.1 2.3 8.1 0.7 -5.8 5.0 growth in 2021, mainly driven by the sustained
recovery in personal consumption expenditures.
The improving economic environment will also
entice businesses to increase its fixed investment
as well as hiring. This in turn will provide support
for consumer spending due to improved labour
market conditions and possible fiscal stimulus
to be injected by the new US administration. A
2019 2020 2021:P 2019 2020 2021:P 2019 2020 2021:P more concerted effort from the US government
and the availability of vaccines will be crucial
to effectively control the pandemic spread and
restore confidence on the US economy. However,
improvements in the US labour market will be
Indonesia Thailand
gradual and it will take time for the unemployment
ASEAN-5 1.1 -4.5 3.6 5.0 -2.1 4.8 2.4 -6.1 2.7 rate to return to pre-pandemic levels of around
3.5% (latest: 6.7% in November 2020).
Meanwhile, given the recent signs of China’s
successful containment of the COVID-19
infections, its economy is expected to grow
relatively better than other economies. Projected
growth is 8.1% y-o-y in 2021, driven by growing
domestic spending, which will be in line with
2019 2020 2021:P 2019 2020 2021:P 2019 2020 2021:P its government’s aspiration to build a stronger
and sustained source of growth from within the
Malaysia Philippines Vietnam country. Its consumption activity has recovered

4.3 -5.6 7.0 5.9 -9.5 6.6 7.0 2.8 6.7 and retail sales growth rebounded to positive in
recent months. The recovery in exports will also
contribute to sustained expansion in China’s
manufacturing and trade-related activities
next year. Nevertheless, the rapid increase in
COVID-19 cases in India, Europe and the US will
be a cause of concern for China’s trade outlook if
the situations remain unchecked. Other downside
risks that could affect China’s economic stability
2019 2020 2021:P 2019 2020 2021:P 2019 2020 2021:P include the high level of debts among the state-
owned enterprises (“SOEs”) and the risk of
Source: Overview of World Economic Outlook Projections by IMF overheating in the property market.