The Monetary Authority of Singapore (MAS) said on Thursday it expected the city-state’s gross domestic product to expand by up to 7 per cent this year in spite of an ongoing Coronavirus surge.
The MAS, the de facto central bank, said the economy was expected to continue on its expansion path in the coming quarters as movement restrictions were progressively eased.
Overseas trade has “held up relatively well’’ in spite of global supply chain hitches that have caused major production cuts elsewhere, the MAS said, with electronics exports “a source of strength.’’
The rosy outlook for South-East Asia’s wealthiest nation, as measured per capita, comes in spite of record Coronavirus numbers.
Of Singapore’s 349 pandemic-related deaths, 300 have been reported since Aug. 22.
Around half the total 184,000 virus cases had been reported over the past 28 days, with a record of around 5,300 announced on Wednesday by the Health Ministry.
The government has reimposed some restrictions, such as limiting restaurant dining to two vaccinated people per table and effectively banning unvaccinated people from entering malls.
But that the government had ruled out a lockdown and has reopened the border to some vaccinated tourists.
Singapores’ GDP shrank by over 5 per cent in 2020, with much of the damage done during a second-quarter lockdown.
