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(Photo: Genevieve Loh). Economists also pointed to a speed-up in Singapore’s vaccination programme, which would help pave the way for a further reopening of the economy. NODX grew at a faster rate of 8.8 per cent in May, following a 6 per cent gain in April and extending a positive growth trend seen since December last year. However, economic activity in sectors such as aviation and tourism will remain below pre-COVID levels for some time. Singapore's quick recovery from the recent economic crisis is attributed to its strong public policies. This book suggests further strengthening of the country's public policy in order to improve its competitive edge in the 21st century. How useful do you think this feature will be for you? The dip in the quarter-on-quarter figure was due to the tightening of public safety measures under the "Phase 2 (Heightened Alert)" that lasted from May 16 to Jun 13. After clicking Submit, your browser will ask you for permission to show notifications from ST. But a log-in is still required for our PDFs. Singapore said its economy will probably expand 4% to 6% next year amid a global recovery from the worst of the coronavirus pandemic and as travel restrictions and local safety measures are eased. Mr Tan said the outlook could be raised to 6 per cent to 8 per cent, while Maybank Kim Eng economists Chua Hak Bin and Lee Ju Ye are pencilling in a narrower range of 6 per cent to 7 per cent. The possibility that the economy could outperform the upper end of the official outlook is also shared by Mr Gan, who revised his full-year growth estimate for this year to 6.5 per cent. He also noted that Prime Minister Lee Hsien Loong is set to deliver this year’s National Day Rally speech on Aug 22.Â. The region will likely go back to its pre-COVID levels by Q1 2021. January 04 2021, 5:30 AM January 04 2021, 8:42 AM. Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegramÂ. I understand that I can withdraw my consent to allow my personal data to be collected, used and/or disclosed from my participation in this survey at any time by contacting dataprotection@sph.com.sg. "The silver lining is that Singapore's economy appears to be on track for a sustained recovery in 2021. Upgraded but still having issues? The travel-related sector is likely to see weaker recovery than expected, with few positive signs for international business and leisure travel, and domestic tourism unable to give much of a boost to the accommodation and arts, entertainment and recreation industries. This volume focuses on China, Hong Kong, Singapore, and Taiwan. Overall, Singapore is likely to undergo a V-shaped recovery as the need to allow economic activities to resume means a new normal of social distancing will likely remain in place until a vaccine against the virus comes along, and this will constrain the pace of recovery. Economic uncertainty continues to be a concern for Singaporeans as we battle Covid-19. Singapore's growth for the year is likely to be robust, MAS said, with external demand picking up and business sentiment among firms in the Republic turning positive in the first quarter of 2021. Found inside – Page 72The reduction in labor cost which was aimed at through lowering the employers' CPF contribution rate was a calculated risk, one that would increase significantly if recovery did not occur soon enough. Fortunately, the Singapore economy ... On balance, given the improved growth outlook for key external economies, as well as a further easing of global travel restrictions and domestic public health measures that is expected in the year ahead, the Singapore economy is … We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. The ban on dine-ins and other stricter curbs took a toll, especially on the food services and other services sectors.Â. Last month, the country’s COVID-19 task force announced the aim of fully vaccinating two-thirds of the population by National Day. Found inside – Page xixSingapore generously hosted the First Ministerial Conference of the WTO in 1996, and I retain warm memories of the close ... The task now is to ensure it makes a positive contribution not only to economic recovery but also to the ... With Singapore’s economy drastically hit by Covid-19 and targeted to enter a recession this year, Minister for Trade and Industry Chan Chun Sing shared his outlook for the economy in a Bloomberg interview on Wednesday (May 20). Share gift link below with your friends and family. Dr Chua and Ms Lee also upgraded their full-year GDP forecast to 6.8 per cent, up from 6.2 per cent, given a stronger-than-expected performance by the manufacturing sector in the second quarter and the country’s rapid vaccine roll-out. Found inside – Page 172A National Economic Recovery Plan designed to manage the crisis without IMF involvement, primarily through domestic ... from Malaysia was that they largely took the form of ringgit (rather than foreign currency) flowing into Singapore. Gross domestic product last quarter grew 2.1% on a seasonally adjusted basis compared to the previous three months, according to advance estimates from the Ministry of Trade and Industry released Monday. By registering, you agree to our T&C and Privacy Policy. SINGAPORE (Feb 15): Singapore's economy contracted less than initially estimated in the fourth quarter, putting the country on a path to a gradual recovery in 2021 after it marked its worst ever recession last year due to the COVID-19 pandemic. Found inside – Page 55... U.S. Foreign direct investment has played an important role in economic recovery as its share in total investment increased, especially in the years after the global financial crisis caused Singapore to enter a recession in 2009. Prospects for sectors less affected by the pandemic, such as manufacturing, have brightened, but those for sectors worst-hit, like air transport and accommodation, have deteriorated somewhat amid the global rise in Covid-19 cases and the emergence of more contagious virus strains, which have diminished hopes of a substantial reopening of international borders in the near term. The higher end of the 2021 estimate would make it the best year since 2011, when GDP grew by 6.3 per cent, according to a report in The Straits Times. These include existing shortages of semiconductor chips which will put a lid on the pace of expansion in the electronics cluster despite strong global demand, he said. SPH Digital News / Copyright © 2021 Singapore Press Holdings Ltd. Co. Regn. Domestically, retail sales surged 79.7 per cent in May from a year ago period despite the absence of tourism-led demand. Looking at the trends in early 2021, the trade-related industry's continued upward trend was supported by the resilient manufacturing sector - industrial production expanded 8 per cent quarter on quarter in the January to March period on a seasonally adjusted basis - but the modern services sectors saw slower expansion in the early months of the year. Singapore’s recovery from its worst recession proves to be patchy The Southeast Asian trading hub’s economy shrank by 5.8 percent in 2020, with recovery expected to be gradual. This book by Sanchita Basu Das gives a comprehensive survey of Singapore in crisis and provides a wealth of information and insightful analysis, using clear, non-technical language. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be. Most of the services sectors, such as wholesale and retail trade, transportation and storage, as well as accommodation and food services, also remain below pre-pandemic levels. This means that a quarter-on-quarter rebound in the third quarter seems likely, he added. Found inside – Page 169Continued Resilience of the ESCAP Region Despite World Economic Slow-down - Challenges of Macroeconomic Management and Evolving Policy Reforms United Nations ... High growth resumed in Singapore after a modest economic recovery in 1986. Advance estimates from the Ministry of Trade and Industry (MTI) showed the economy contracting 2 per cent on a quarter-on-quarter seasonally adjusted basis, reversing from the first quarter’s 3.1 per cent growth.Â. Found inside – Page 3SUMMARY Singapore emerged from the shadow of the 1 year 1985-86 recession and registered 1.9 percent GDP growth for all 1986 . However , the recovery was uneven . Export - oriented industries tended to do well , but the performance of ... Global GDP contracted by 6.0%1 in H1 2020 as the pandemic swept across the world and Singapore's Prime Minister Lee Hsien Loong spoke on Friday 27 March about the impact which the COVID-19 pandemic has and is likely to have on the economy. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. Joining the Lion City are Hong Kong, Thailand and Malaysia. So He Found It Better Players. SINGAPORE — The Ministry of Trade and Industry reported Singapore’s growth domestic product (GDP) shrank 0.7 per cent for the first quarter on a year-on-year basis. Is there anything else you want us to know? MTI will continue to press on with our economic strategies to ensure that Singapore is in a good position for recovery once the COVID-19 situation stabilises, and to allow all Singaporeans to seize the opportunities to redefine our competitive edge. The more sobering reality, though, is that this recovery will probably be very gradual, falling short of a full restoration of pre-Covid activity. SINGAPORE: Singapore’s economic recovery remains intact despite a “stumble” in the second quarter, economists said following the release of preliminary economic data on Wednesday (Jul 14). High-frequency indicators already suggest that community mobility is returning to levels seen before stricter curbs were introduced in May, said Mr Tan. Found inside – Page 289The direct concern of the NWC is with the role which wage policy can play in arresting the economic decline and in speeding up economic recovery. We note that the Government has already taken numerous measures with the same objectives ... Feb 16, 2021, 8:14 am SGT SINGAPORE - Even as Singapore's economy stays on the recovery track, enthusiasm over a significant growth acceleration is wearing off. With more stimulus expected, government forecasts growth of between 4-6 percent in 2021, but recovery seen as ‘uneven’. THE pace of Singapore's recovery is expected to moderate in the quarters ahead, with this rebound likely to take longer than in past recessions, according to the Monetary Authority of Singapore's (MAS) twice-yearly Macroeconomic Review on Wednesday. For such reasons this book unveils the Western shuttle model (WSM) of economic take-off where catch-up growth is very much a function of exports to mature economy markets, which in turn generate super-profits and so super-growth. Found inside – Page 179For calendar year 2010, the MMS estimates the fiscal impulse as slightly contractionary at minus 0.1% of GDP. In the first quarter of 2010, the economic recovery caused an upswing in tax revenue, accompanied by the withdrawal of the ... Singapore. This service is not intended for persons residing in the E.U. A view of the Singapore skyline. Found inside – Page 2244 Das, Road to Recovery, 44. 45 Heng, Swee Keat, 'MAS 2008/09 Annual Report Press Conference', ... 50 Heng, Swee Keat, 'The International Institute of Finance Asia Regional Economic Forum' (speech, Singapore, 4 March 2009)

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