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