Singapore raises 2021 GDP estimate, now expects growth of 6%-7%

Singapore’s economy is set to expand at a faster clip than the government previously expected as the city-state shakes off an uptick in virus cases and looks to re-open more sectors through year-end.

Singapore revised its forecast for annual economic growth to 6%-7%, the Ministry of Trade & Industry said Wednesday as it reported final second-quarter data. In its initial second-quarter GDP report last month, the agency had left the annual forecast unchanged at 4%-6%.

Among nine economists surveyed by Bloomberg who updated their Singapore GDP forecasts this month, six saw growth exceeding 6%.

“Barring a major setback in