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Commentary: A return to Phase 2 could be a momentary setback 
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Dołączenie: Pon Kwi 12, 2021 11:17 am
Posty: 53
Post Commentary: A return to Phase 2 could be a momentary setback
Commentary: A return to Phase 2 could be a momentary setback
to Singapore’s economic recovery


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The Singapore economy faces a possible momentary setback in its recovery.

Singapore will shift back into โปรโมชั่นslot Phase 2 of the safe distancing measures from Saturday
after a rise in COVID-19 community cases in recent weeks.

Social gatherings must shrink to five from the eight allowed in Phase 3. Gyms will be shut until May 30.
Employers must ensure no more than 50 per cent of employees are at the workplace at any time,
down from the 75 per cent previously allowed.

The first quarter of 2021 gave us hope for a V-shaped recovery, with the Singapore economy returning
to positive growth for the first time after a gruelling year. Official rhetoric suggested the 4 per cent to
6 per cent growth forecast is likely to be exceeded.

A quarterly survey by the Monetary Authority of Singapore (MAS) of 24 economists and analysts in
March estimated the Singapore economy to expand at between 5 per cent and 6.9 per cent.


TEMPORARY SETBACK TO RECOVERY
Still, it is too early to predict if the second half of the year will be derailed. Given the better-than-
expected growth in the first quarter of 2021, it is still plausible that full-year growth will come in around
or slightly higher than 6 per cent for the year – provided the community cases in Singapore don’t
necessitate a prolonged stay in Phase 2 or worse.

That said, the impact of the latest measures may affect different sectors to varying magnitudes, with
F&B and the fitness industries likely to see their climb to recovery even more strenuous.
Much will depend on how businesses and workers respond, and if they can apply lessons learnt over
the past year to get over this bump and others that might materialise to manage the impact.

The good news is the productivity hit should be modest. By now, many Singaporean workers are familiar
with a hybrid work model, comfortable with working from both home and office.


SOME SECTORS WORSE HIT
Retail shops and dining places, especially those in the CBD, will lament the policy reversal the most.
Those who had already made plans to celebrate Mother’s Day over the weekend have tempered their
festivities or returned to virtual celebrations or scale down.

Restaurants will now have to rearrange their tables to seat a maximum of five instead of eight people.
Again, the back-and-forth transition between phases may call for a high degree of flexibility in tweaking
restaurant layouts, so modular set-ups may work better as long as COVID-19 remains prevalent, while
F&B outlets may find it more prudent to keep manpower variable.


Pon Maj 10, 2021 7:27 am
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Dołączenie: Pon Maj 24, 2021 8:35 pm
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Pon Maj 24, 2021 8:40 pm
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Post Re: Commentary: A return to Phase 2 could be a momentary setback
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Nie Maj 30, 2021 6:00 am
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