Singapore’s economy is set to shrink by around 2% in 2Q2021 due to tightened COVID-19 measures that started in May. Before that happened, economists were looking forward to positive growth. Still, they said the better-than-expected first quarter will mean the economy ending the year strong. Looking ahead, experts said the biggest downside risk for an open and trade-reliant economy like Singapore is the resurgence of coronavirus cases both domestically and abroad. For now, the Republic expects full year growth to be between 4% and 6%.
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