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Singapore's 1Q21 GDP 'pleasant surprise'; economists mostly keep 2021 GDP growth forecast between 5.5% to 8%

Felicia Tan
Felicia Tan5/25/2021 6:18 PM GMT+08  • 10 min read
Singapore's 1Q21 GDP 'pleasant surprise'; economists mostly keep 2021 GDP growth forecast between 5.5% to 8%
Economics professor Jamus Lim says he is "quietly optimistic that" FY2021 GDP will fall on the upper end of the 4-6% range.
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As Singapore’s GDP outperformed expectations with a 1.3% y-o-y expansion in the 1Q2021, outperforming the Ministry of Trade and Industry’s (MTI) initial flash estimates of a 0.2% growth y-o-y, economists have mostly kept their GDP growth forecast estimates for the full-year in 2021 unchanged.


See: Singapore's GDP expands 1.3% y-o-y in 1Q21; MTI keeps 4-6% growth forecast for 2021

MTI, on May 25, announced that it has kept its own forecast of 4-6% unchanged for the FY2021. The ministry explained that it will review its figures again in August pending “more data” and “greater clarity” amid the uncertainties arising from the resurgence of Covid-19 cases.

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