“High frequency indicators such as Google mobility data suggest the Phase Three measures were not substantial enough to trigger a renaissance in economic activity after Dec 28 2020 – which implies a relatively limited cost to reversing them,” writes Tan in a report the same evening hours after the measures were announced by the government.
The latest anti-Covid-19 measures introduced by the government on May 4 will effectively bring Singapore back to so-called “Phase Two” with tighter caps on physical gatherings and such.
However, Barclays economist Brian Tan believes that these measures are unlikely to create a substantial drag on economic activity.
