After a better-than-expected first half of 2021, driven partly by strong manufacturing and finance sector output, the second half of this year should see “outward-oriented sectors” remain healthy barring a major setback for the global economy, Iswaran said.
Singapore in August revised its growth forecast for this year to a range of 6%-7% – from an earlier outlook of 4%-6% – on expectations of revived global demand, as well as relaxing of domestic and border restrictions as its vaccination rate climbed.
The economy is expected to grow 6.5% this year and 4.1% in 2022, according to the median results of Bloomberg survey this month.
