Data from Singapore for the January to March quarter 2021
GDP beats.
From the Ministry of Trade and Industry (bolding mine):
- maintains 2021 GDP growth forecast at 4-6% range
- says recent tightening of domestic restrictions & border controls represents setback to segments of economy
- says broader economy should see recovery this year in line with global economic rebound
- says possible that economy will outperform official 2021 growth forecast, but significant downside risks remain
- says covid-19 is generally well under control domestically; making good progress vaccinating entire population
- says pace of recovery of various sectors of economy this year is likely to be more uneven than earlier expected
- says border entry restrictions on south Asia foreign workers will exacerbate severe labour shortages at construction sites & shipyards
more to come