Photo: Bloomberg

The magnitude of Singapore’s GDP growth in the first quarter of this year was a “pleasant surprise” for some economists. However, given the growing uncertainty, they are largely keeping their full-year 2021 forecasts intact for now instead of further upgrading their estimates.

On May 25, the government announced that the economy grew 1.3% y-o-y in 1Q2021, better than the 0.2% flash estimates put out a month earlier. The Ministry of Trade and Industry (MTI) says the current full-year forecast of 4%-6% stands, but will review the numbers in August, pending “more data” and “greater clarity” amid the uncertainty arising from the resurgence of Covid-19 cases.

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