The government did not keep its annual GDP forecast but warned of temporary uncertainty behind COVID.
Singapore’s economy has grown beyond expectations for the first quarter and the government has changed over the course of the year but has carefully noted the recovery due to the uncertainty of the COVID-19 epidemic.
Gross domestic product (GDP) grew 1.3% year-on-year for the first quarter, the Ministry of Trade and Industry (MTI) said on Tuesday, exceeding the 0.2% target set by the government.
Manufacturing, finance and insurance and retail sales sold quarterly expansion. Analysts expected a 0.9% increase, according to a Reuters survey.
The MTI maintained its forecast for GDP growth for 2021 at 4 percent to 6 percent at present but warned of the long-term uncertainty caused by the epidemic and domestic restrictions on the spread of the virus. Ideas illuminated in August.
Officials had said last month that growth could continue at the end of the show, a recovery from the economic downturn triggered by the COVID-19 epidemic in 2020, the worst ever.
While it is possible that Singapore’s economy will outweigh its potential in 2021 growth if foreign interests continue to rise, there are still other risks, says Gabriel Lim, full-time trade and industry secretary.
“The success of the various sectors of the economy may not be as high as expected,” he said.
During the quarter-to-quarter climate change period, the economy grew 3.1% in the first quarter.
The city looks like a bellwether in terms of global growth as global trade is shrinking its economy.
The government has invested more than $ 100 billion in Singapore ($ 75.34bn) in funding to address the crisis. The central bank kept its money at its last meeting in April.
Edward Robinson, deputy director of the Monetary Authority of Singapore (MAS), said: “Household targets and finances are still in progress.”
He also said his views remain valid and MAS will review his points in October, as proposed.
The central bank will also look at factors that could affect “price changes, as well as growth considerations,” he said.
Singapore this month also imposed a ban on rallies, the most difficult since its release last year, to address the latest threats to the local COVID-19 epidemic, including banning food, reducing meetings and encouraging a return to work.
The increase in cases – linked to the most serious and undiagnosed diseases that have started in India – has also meant tightening borders. Special events such as the annual Shangri-La Dialogue conference, scheduled for next month and the World Economic Forum in August, were abandoned.
“Most of the fun we had in the first place, is a little bit of a return,” said Selena Ling, chief financial officer at OCBC Bank.