Singapore upgraded its 2021 growth projection on Wednesday (August 11) as its trade-reliant economy charted a stronger than expected recovery in the first half, a rebound that is projected to expand as the city-state looks to re-open more sectors and ease travel restrictions in the weeks ahead.
The Ministry of Trade and Industry (MTI) revised its gross domestic product (GDP) for this year to a range of 6% to 7%, up from the previous 4% to 6%, putting the island nation on track to boost economic output above pre-pandemic 2019 levels. While mainly sanguine on Singapore’s outlook, economists still see potential downside risks on the horizon.
The improved forecast came as the city-state announced it achieved a target of fully vaccinating 70% of its 5.9 million population by independence day on August 9, giving Singapore one of the best vaccination rates in the world as it transitions to treating coronavirus as an endemic disease and advances its so-called “Covid-resilient” nation status.
“Today, we are vaccinating 1% of our population daily. A higher proportion of our population is now better protected. We are in a more resilient position. We can now look forward to a careful, step-by-step reopening of our economy. This is how we can move into the new normal,” said Prime Minister Lee Hsien Loong in a televised speech on August 8.
The Ministry of Trade and Industry (MTI) revised its gross domestic product (GDP) for this year to a range of 6% to 7%, up from the previous 4% to 6%, putting the island nation on track to boost economic output above pre-pandemic 2019 levels. While mainly sanguine on Singapore’s outlook, economists still see potential downside risks on the horizon.
The improved forecast came as the city-state announced it achieved a target of fully vaccinating 70% of its 5.9 million population by independence day on August 9, giving Singapore one of the best vaccination rates in the world as it transitions to treating coronavirus as an endemic disease and advances its so-called “Covid-resilient” nation status.
“Today, we are vaccinating 1% of our population daily. A higher proportion of our population is now better protected. We are in a more resilient position. We can now look forward to a careful, step-by-step reopening of our economy. This is how we can move into the new normal,” said Prime Minister Lee Hsien Loong in a televised speech on August 8.
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Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
