Expeditious vaccinations the recovery elixir
■ Singapore’s economy expanded 14.7% yoy in 2Q21, the strongest growth in
over a decade dating back to 2Q10, but contracted 1.8% qoq SA.
■ Not a single industry in Singapore declined yoy, with manufacturing being
particularly robust, posting its fourth straight quarter of growth above 10%.
■ With one of the fastest vaccination rates in the world and the recent easing of
restrictions yesterday, we reiterate our 2021F GDP growth forecast of 6.6%.