Thu, 29 Jul 2021

SINGAPORE, June 21 (Xinhua) -- Singapore's economy is expected to rebound strongly in 2021 after a sharp contraction in 2020 due to the COVID-19 pandemic, the ASEAN+3 Macroeconomic Research Office (AMRO) announced on Monday.

According to the preliminary assessment by AMRO after its virtual annual consultation with the Singaporean authorities, the government's skillful crisis management and effective policy measures supported Singapore's economy and labor market, minimizing economic scarring.

The Singapore economy is expected to turn around and grow by 6.1 percent in 2021, following a 5.4 percent contraction in 2020, said AMRO's Lead Economist Chaipat Poonpatpibul.

"The swift, sizeable, and more targeted policy measures have effectively cushioned the impact of the pandemic and supported the recovery," he said. "Further support would be needed if the recovery falters due to a resurgence in local and overseas infections."

AMRO said that despite a strong rebound, Singapore's economic outlook is uncertain, with an uneven recovery across sectors. Its manufacturing sector is expected to grow strongly, thanks to the global recovery and robust electronics demand. Meanwhile, the recovery in tourism-related sectors will remain slow due to the ongoing pandemic containment measures and slow pace of vaccination in most countries.

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