Singapore’s outlook has brightened considerably compared with a year ago, Prime Minister Lee Hsien Loong said on Friday, as the city-state’s economy is growing faster than initially expected.
Barring a setback to the global economy, growth this year is likely to exceed 6%, he said.
“This will bring us back to where we were before COVID-19 struck,” Lee said in his May Day message.
This month, the central bank also said economic growth is likely to exceed the upper end of the official 4–6% forecast range.
The small and open economy contracted 5.4% last year in its worst ever recession.
Lee said the global recession was turning out to be less protracted than initially feared.
“These external trends support our own economic recovery, and justify confidence in our prospects,” he said.
Reporting by Aradhana Aravindan; Editing by Martin Petty; Reuters