Singapore’s economy still on track for recovery despite ‘stumble’ in Q2 quarterly GDP: Experts

that lasted from May 16 to Jun 13. The ban on dine-ins and other stricter curbs took a toll, especially on the food services and other services sectors.Barclays Bank economist Brian Tan said the latest quarter-on-quarter GDP contraction was “relatively modest”. In his note titled “A stumble, not a fall”, he added that it supported his view of the economy being more resilient this time, compared with last year’s drastic two-digit plunge amid the circuit breaker.

Moody’s Analytics’ associate economist Eric Chiang also said: “While Singapore’s heightened COVID-19 measures in May put a temporary pause in its GDP growth, the economic downturn is smaller than in Phase 1 of the 2020 reopening plan.”READ: Private-sector economists raise Singapore’s 2021 growth forecast again to 6.5%: MAS surveyOne reason for optimism, according to economists, is a favourable external environment which can be seen in the country’s non-oil domestic exports .

“Rapid progress with COVID-19 vaccinations should allow for more social distancing measures to be relaxed, further supporting a sequential GDP growth recovery in the second half,” said Mr Tan.deliver this year’s National Day Rally speech on Aug 22“ a possible platform for announcing a significant relaxation of social distancing measures and further details on how Singapore will operate in the new normal,” wrote the Barclays economist.

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