Singaporebusinessreview, Singapore, Covid 19, Restrictions

Singaporebusinessreview, Singapore

What's at stake with this return to Phase 2?

UOB weighs in on the reimposition of stricter measures as COVID-19 cases increase.

12/5/2021 9:24:00 AM

Starting May 8, tighter social restriction measures will be reimposed in Singapore to prevent the spread of COVID-19. singaporebusinessreview Singapore covid19 restrictions Read:

UOB weighs in on the reimposition of stricter measures as COVID-19 cases increase.

Decribed by Educaation Minister Lawrence Wong as a "return to phase 2," these restrictions are similar to the measures imposed between August 4 and December 27, 2020.These restrictions are currently set to be lifted by May 30.UOB Global Economics & Markets Research Economist Barnabas Gan said this would not affect Singapore's GDP, provided that cases would not spike to the point that a circuit breaker needs to be reimplemented.

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"The return to Phase 2 will likely have little impact on Singapore’s GDP growth in 2021. This is due to two reasons: (1) there are no restrictions on business operations (except for the closure of gyms and dine-in services restriction of up to 5 persons), while (2) the return to Phase 2 will last for nearly three weeks," Gan said.

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