Singapore Chartbook: The bumpy path from pandemic to endemic
- Singapore’s encouraging inoculation effort has paved the way for the reopening of the economy
- Both key manufacturing and services sectors are moderating in growth
- We maintain our below-consensus growth forecast of 6.3% in 2021 and 3.2% in 2022
- Inflation is expected to average 1.7% in 2021 while core inflation will likely remain elevated
- The MAS is expected to normalize monetary policy in the forthcoming October meeting
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Singapore has achieved one of the highest inoculation rates in the world. This has prompted the government to proceed with the reopening of the economy. While the process will be carried out in a calibrated manner, it does entail certain degree of risk. As such, we continue to maintain our below-consensus GDP growth forecast of 6.3% in 2021 and 3.2% in 2022. The transition from pandemic to COVID being endemic is expected to be tepid and uneven.
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