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- Singapore upgrades 2021 GDP outlook as vaccinations gain pace
Singapore upgrades 2021 GDP outlook as vaccinations gain pace
Reuters reports that Singapore's bellwether economy expanded more than initially estimated in the second quarter and the government raised its forecast for 2021.
GDP is forecast to grow 6% to 7% in 2021, versus a prior estimate for an expansion of 4 to 6%, the Ministry of Trade and Industry said.
GDP grew 14.7% year-on-year in the second quarter, higher than the 14.3% growth seen in the government's advance estimate. In absolute terms, GDP remained 0.6% below its pre-pandemic level in the second quarter of 2019.
"Barring a major setback in the global economy, the Singapore economy is expected to continue to see a gradual recovery in the second half of the year, supported in large part by outward-oriented sectors," said Gabriel Lim, permanent secretary for trade and industry.
He said easing border restrictions would also help in the recovery of consumer-facing sectors and alleviate labour shortages in sectors that are reliant on migrant workers.
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