SINGAPORE - Singapore's economy will recover in fits and starts amid a protracted pullback in labour demand, the Monetary Authority of Singapore said on Wednesday .
"Some pockets of the economy, particularly the travel-related and some contact-intensive domestic services, are not expected to recover to pre-pandemic levels even by the end of next year." The Singapore economy registered its worst performance ever in the second quarter because of the circuit breaker measures, before experiencing a growth rebound in the July to September period when most of the movement curbs were relaxed.
The rebound in the third quarter was also aided by the Government's budgetary support measures. The impetus from fiscal support is like to abate in the fourth quarter even as some measures such as the Jobs Support Scheme may persist. The particular nature of the Covid-19 shock is also evident in the expenditure and income components of the nation's GDP, with private consumption, public investment and government income contracting more sharply than in previous crises.
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