This special episode is a commentary by DBS chief economist Taimur Baig. Singapore’s January-April economic momentum will be disrupted by a set of renewed stringent measures. New coronavirus variants are highly transmissible; they may also have some vaccine resistant properties. An abundance of caution warrants a degree of reinforced stringency on mobility and proximity. Singapore’s imperative now is to vaccinate a wider population as soon as possible, as vaccinated individuals are extremely unlikely to suffer from severe illness or fatality. Japan’s real GDP likely contacted by 2% in 1Q as domestic demand deteriorated due to the resurgence of COVID-19, fully offsetting the recovery in exports. Same could be on the cards for Singapore in 2Q. Between progress with vaccination and targeted fiscal support, Singapore should come out of the May/June turbulence quickly.
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