Good news – Singapore’s GDP grew 14.7% in Q2 2021!

Marina Bay

Good news from the Ministry of Trade & Industry! The performance of the Singapore economy for the first half of 2021 was “stronger than expected”.

The full-year gross domestic product (GDP) forecast is also upgraded to between 6.0 and 7.0 per cent. With our vaccination programme on track, Singapore’s economy is expected to continue to see a gradual recovery in the second half of the year. 72% of our population have been fully vaccinated, and 81% have received at least one dose, giving us one of the best vaccination rates in the world as we move towards the New Normal.

Economic Survey of Singapore
Real GDP grew by 14.7% in Q2 2021. Source

Real GDP grew, but recovery will be uneven.

However, MTI also shared that the recovery of the various sectors of the economy over the course of the year is expected to remain uneven.

“Barring a major setback in the global economy, the Singapore economy is expected to continue to see a gradual recovery in the second half of the year, supported in large part by outward-oriented sectors,” said MTI. These sectors include manufacturing and wholesale trade, and finance and insurance, and information and communications.

Unsurprisingly, the aviation and tourism-related sectors are projected to recover more slowly than previously expected. A recent Business Times report shared that nine in 10 Singapore Airlines (SIA) Group pilots and eight in 10 cabin crew are back in the skies, flying at least once a month.

The Covid-19 has brought severe impact upon the aviation industry, but the fact that many aviation workers are back in the skies offers a glimmer of hope that things are slowly recovering. However, the immediate future is set to remain gloomy, analysts cautioned.

Vaccination centres Singapore
Singapore has one of the best vaccination rates in the world as today we start to ease social distancing restrictions and restart parts of the economy. Source

More Support for Workers in the Aviation Industry

In the aviation- and tourism-related sectors, more support is needed for our workers. Since the pandemic hit in early 2020, the Unions have been working closely with many agencies and companies. They have been supporting workers in upskilling and taking on second job arrangements to support cost-saving and job-saving measures. Union leaders have tried their best to save jobs through the redeployment of workers to companies who are short of manpower since early last year. Redeployed workers have also contributed significantly in various essential roles – taking on new responsibilities as frontline workers such as Safe Distancing Ambassadors or new roles at local supermarkets. With ongoing efforts in upskilling for workers in aviation and tourism-related industries, our workers will be better-placed to get back on track as our economy recovers!


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