Singapore PM Lee Hsien Loong says economic outlook brighter amid global recovery
- The global recession was turning out to be less protracted than initially feared, Lee said in his May Day speech
- His upbeat assessment came after the central bank said Singapore’s economy could grow by more than the previously-projected upper end of 6 per cent
“Compared to a year ago, our outlook has brightened considerably,” according to Lee, who put the optimism down to a global recession “turning out to be less protracted than we initially feared.”
Lee's upbeat assessment came after the central bank said Singapore's economy could grow by more than the previously-projected upper end of 6 per cent.
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Last year saw a record gross domestic product (GDP) contraction of 5.4 per cent, with much of the damage done during an April-June lockdown, after which the domestic economy reopened in stages.
Economic indicators have since shown Singapore slowly recovering from the worst of last year, with first-quarter 2021 GDP expanding by 2 per cent, the third consecutive quarterly expansion in a row.
Singapore-based manufacturers “anticipate business conditions to improve” in the coming months, according to survey report published on Friday, but services such as hotels are less optimistic due to travel curbs.
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However, Singapore's hoteliers and others working in tourism and travel-related businesses “expect slow pick-up in demand due to entry restrictions and border closures.”
Local retailers are also less optimistic than during the previous six months, which coincided with the year-end and holidays such as Christmas and Lunar New Year.
Most of Singapore's almost 62,000 coronavirus cases were recorded from March-August last year. At 30, the related death toll is one the lowest anywhere.