The past week has been an eventful one for Singapore — it started off with a 56th birthday celebration and the easing of Covid-19 restrictions. On Aug 11, the Ministry of Trade and Industry (MTI) upgraded its growth forecast range for the year to 6% to 7%, from its previous 4% to 6% prediction.

This comes as “the recovery in external demand for Singapore for the rest of the year remains largely on track”, says Gabriel Lim, Permanent Secretary for Trade and Industry. Speaking at a virtual press conference on Aug 11, Lim added that a pick-up in vaccination rates in key advanced economies like the US and the Eurozone has weakened the link between infections and deaths, thus allowing them to press on with their reopening plans.

However, he cautions that downside risks remain as the so-called delta variant of the coronavirus rages on. He warns that the ongoing economic recovery will be derailed if the vaccination progress stalls and if there is a need to re-impose restrictions to curb a resurgence in infections.

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