Sectors such as tourism and transportation will take a longer time to recover compared to manufacturing, says the Socio-Economic Research Centre.
Presenting the group’s quarter economic tracker, SERC executive director Lee Heng Guie said he believes the second quarter of 2020 was the low point, pointing to signs of recovery in the second half of this year even though there is still an economic contraction. Lee said that industries reliant on the free movement of people, like tourism and transportation, would continue to face difficulties, while sectors allowed to operate more normally like manufacturing would be faster to rebound.
He projects GDP to grow by 4% this year, but could expand by as much as 6% year-on-year if the vaccine rollout ramps up significantly, virus transmission is curbed, consumer spending increases after a year of suppressed demand, and international travel is able to resume.
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