SINGAPORE, Sept 2 — Economists expect Singapore’s economic growth to be driven in the next few quarters by the opening of borders to international travel, but flagged a re-escalation of Covid-19 to be the top risk to growth.
A further deterioration in the Covid-19 situation and the associated retightening of infection control measures were also threats to growth outlook, identified as a top risk by a majority of the respondents. This was in line with the Ministry of Trade and Industry’s prediction for Singapore’s gross domestic product to grow between 6 and 7 per cent this year, revised last month from an initial forecast of between 4 and 6 per cent.stressed, however, that these positive projections depend on there being no more major disruptions to the global economy from new coronavirus variants that may dilute the effectiveness of the Covid-19 vaccines.
Even though Singapore is moving to relax its border controls, tourists could still be subject to entry restrictions back in their home countries. Song, forecasting a 7 per cent expansion for the second half of the year, said that his prediction comes on the back of higher external demand from trading nations for Singapore’s key exports such as semiconductors, precision engineering products and chemicals.
Source: Financial Digest (financialdigest.net)
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