Prime Time Zone, Webdesk: DBS Bank said in its report that the first two quarters of the 2020-21 financial year were negative, while GDP figures for the December quarter were likely to be positive. The report attributed this to rising government spending. It is learned that the government will release the October-December quarterly GDP figures for the current financial year on Friday.
DBS Bank, which had forecast negative GDP in the last quarter of the 2020 calendar year, said its full-year growth would be negative at 6.8 per cent. Radhika Rao, research economist at DBS Group, said: In the June quarter of the current financial year, GDP grew by 24 per cent and in the September quarter by 7.5 per cent. The report believes that public spending in the second half of 2020-21 was rapid, rising from a negative 12 percent in the September quarter to 29 percent in December.
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