Following the return to Phase 2 (Heightened Alert) measures announced by the Singapore government on July 20, economists have kept their GDP forecasts unchanged for now, albeit cautiously.

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Bank of America (BofA) has kept its Singapore GDP growth forecast for 2021 unchanged at 7.5%, though it highlights that risks are skewed to the downside. "We see downside risks to near-term growth of around 0.5 percentage points," it says in a July 21 research note.

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