Singapore central bank expects strong GDP growth despite virus surge

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SINGAPORE, Oct 30 (dpa): The Monetary Authority of Singapore (MAS) has announced that it expects the city-state's gross domestic product to expand by up to 7 per cent this year despite an ongoing coronavirus surge.

The MAS, the de facto central bank, said the economy "is expected to continue on its expansion path in the coming quarters as movement restrictions are progressively eased."

Overseas trade has "held up relatively well" despite global supply chain hitches that have caused major production cuts elsewhere, the MAS said, with electronics exports "a source of strength."

The rosy outlook for South-East Asia's wealthiest nation, as measured per capita, comes despite record coronavirus numbers.

Of Singapore's 349 pandemic-related deaths, 300 have been reported since August 22.

Around half the total 184,000 virus cases have been reported over the past 28 days, with a record of around 5,300 announced on Wednesday by the Health Ministry. There were 4,248 new Covid-19 infections reported on Friday by MOH.

The government has reimposed some restrictions, such as limiting restaurant dining to 2 vaccinated people per table and effectively banning unvaccinated people from entering malls, but has ruled out a lockdown and has reopened the border to some vaccinated tourists.

Singapores' GDP shrank by over 5 per cent in 2020, with much of the damage done during a second-quarter lockdown. - dpa