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Resumption of 'Phase 2' measures unlikely to be a substantial drag on economy: Barclays

The Edge Singapore
The Edge Singapore5/4/2021 10:12 PM GMT+08  • 2 min read
Resumption of 'Phase 2' measures unlikely to be a substantial drag on economy: Barclays
Barclays economist Brian Tan is keeping his 2021 GDP forecast of 7.5%.
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The latest anti-Covid-19 measures introduced by the government on May 4 will effectively bring Singapore back to so-called “Phase Two” with tighter caps on physical gatherings and such.

However, Barclays economist Brian Tan believes that these measures are unlikely to create a substantial drag on economic activity.

“High frequency indicators such as Google mobility data suggest the Phase Three measures were not substantial enough to trigger a renaissance in economic activity after Dec 28 2020 – which implies a relatively limited cost to reversing them,” writes Tan in a report the same evening hours after the measures were announced by the government.

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