‘Green shoots’ of recovery for Singapore’s economy, although uncertainties remain: Economists

SINGAPORE: With better-than-expected data showing the economy back in expansion mode for the first quarter of 2021, economists said “green shoots” of recovery are emerging for Singapore following a year in the doldrums due to the COVID-19 pandemic.in the January to March period, according to flash estimates from the Ministry of Trade and Industry on Wednesday .The gains, albeit marginal, marked the economy’s first quarterly growth since the pandemic erupted and beat expectations for a 0.

Making the most gains in the first quarter was the manufacturing sector, which grew 7.5 per cent year-on-year. Accounting for about one-fifth of Singapore’s economy, the sector has been a bright spot in the pandemic-fuelled downturn, and economists said its outlook remains buoyant. Construction also posted a smaller contraction – down 20.2 per cent, compared with an earlier 27.4 per cent decline in the fourth quarter of last year.

Maybank Kim Eng economists Chua Hak Bin and Lee Ju Ye are penciling in full-year growth of 6.2 per cent, up from 4.5 per cent, due to factors such as improvements in the global economic outlook and a rapid roll-out of vaccines. The spread of the coronavirus continues in parts of the world, while the roll-out of vaccines remains slow. These could curb the reopening of international borders, and “persistent weakness” in the aviation, retail and hospitality sectors will hold back recovery, they added.

Experts also said that despite tweaks in its policy statement and an upgrade to headline inflation forecasts, the central bank remains cautious.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore leads green architecture and sustainable building design in Asia — here's whyIs it the money Too bad forests are destroyed to make space for these buildings Well done Singapore , hope we become a model for transforming urban jungles
Source: TODAYonline - 🏆 1. / 99 Read more »

Watch live: CNA Leadership Summit 2021 on Green RecoverySINGAPORE: The CNA Leadership Summit kicks off at the Shangri-La Hotel in Singapore on Thursday afternoon (Apr 22), with a focus on Green Recovery. Being cancer-stricken and begging CPF Board to repay overdue debt; that which in any case cannot be done as the money had been commingled and funneled to private entity Temasek Holdings for Ho Ching to wager on unviable, untenable and ultimately, invariably doomed gambles Being cancer-stricken and begging CPF Board to repay overdue debt; that which in any case cannot be done as the money had been commingled and funneled to private entity Temasek Holdings for Ho Ching to wager on unviable, untenable and ultimately, invariably doomed gambles ASEAN , please respect our Votes. Myanmar People are not safe . We want Justice.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Green gets Australia contract, Wade and Pucovski miss outSYDNEY: All-rounder Cameron Green was awarded a Cricket Australia central contract for the first time on Friday but fellow young gun Will ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Chile studies 'green card' to incentivize coronavirus inoculationChile, a global leader in vaccination, is considering issuing a 'green card' to those inoculated against the coronavirus in an effort to encourage ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Dr Noor Hisham: Reciprocal Green Lane with Singapore suspended as new Covid-19 variants reported in republicKUALA LUMPUR, May 10 — The Reciprocal Green Lane (RGL) for businesses travellers between Malaysia and Singapore will be suspended from Thursday, May 13, Tan Sri Dr Noor Hisham Abdullah announced...
Source: YahooSG - 🏆 3. / 71 Read more »