MAS survey; Singapore’s 2021 growth forecast raised from 6.5% from 5.8%

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Analysts in the private sectors have raised their forecasts for the economic growth this year for Singapore. The estimates by the government are 4 per cent, and the analysts have increased it to 6 per cent despite the tighter covid 19 restrictions.
A survey released by the Monetary Authority of Singapore on Monday states that this years GDP is likely to expand by 6.5 per cent this year which is higher than the 5.8 per cent which was estimated in March. The Singapore economy grew by 1.3 per cent in the first quarter, even though the survey thought it would grow at a 1.1 per cent contraction.
As per the survey, respondents expect the economy to grow by 15 per cent this year by the April to June quarter. This s a massive jump because last year, the GDP of Singapore had taken a huge hit.
As per the analysts, next year growth has also been raised from 3.8 per cent to 4 per cent. As per the analysts, the covid 19 restrictions
that have been rolled out recently are not going to hamper the overall recovery picture.

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