Singapore economy to grow 6.5 percent this year: MAS survey
Despite the latest round of tighter COVID-19 restrictions, Singapore’s economy will grow by 6.5 percent this year, higher than the Government’s forecast of 4-6 percent, according to the latest survey released by the Monetary Authority of Singapore (MAS).
Container loading and unloading at Pasir Panjang port of Singapore (Photo: VNA)The country’s economy expanded 1.3 percent in the first quarter of this year despite earlier forecast of a 1.1 percent contraction.
Survey respondents expected the economy to increase 15 percent year on year in the second quarter, a robust jump off Singapore’s worst-ever quarter on record last year when GDP plunged 13.2 percent.
The forecast for the country’s GDP growth next year has also been raised to 4 percent from 3.8 percent in the March survey, reported The Straits Times.
Effective containment of the COVID-19 outbreak was the most important factor that prompts the economists raising their growth outlook for Singapore.
They also cited the stronger-than-expected manufacturing sector performance, driven in part by robust global demand for electronics, as a big upside factor. The prospect of reopening borders to international travel could also be a boon to the economy.
At the same time, deterioration in the pandemic situation and tighter public health measures as a result was the top downside risk to the growth outlook.
The economists polled were also concerned about geopolitical risks, including those stemming from US-China tensions, and a slower-than-expected labour market recovery, which could weigh on private consumption./.
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