SINGAPORE – 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.