Gan’s remarks come after Singapore returns to Phase 2 measures as the multi-ministry task force tightens social restriction measures. The measures will take place from May 8 to May 30.
UOB economist Barnabas Gan says he still expects a K-shaped recovery in Singapore, and that the return to Phase 2 measures is likely to have little impact on Singapore's GDP growth in 2021.
“This is due to two reasons: [first], there are no restrictions on business operations (except for the closure of gyms and dine-in services restriction of up to 5 persons), while [second], the return to Phase 2 will last for merely three weeks,” he writes in a macro note dated May 5.
