The government estimates 2021 GDP to grow by 7.2%, marking a sharp reversal from the 5.4% contraction suffered in 2020. “Thanks to two years of a forceful bout of counter-cyclical fiscal stimulus, Singapore has seen a firm recovery, making it one of Asia’s outperformers in 2021,” note Yun Liu and Heidi Tang from HSBC’s Global Research team.
Singapore’s economy is on a firmer footing two years into the pandemic, but challenges remain
With the unprecedented sum of some $100 billion allocated to fight the pandemic, Singapore’s economy, two years after the virus started spreading, has gotten back on a firmer footing.
