Macro Analysis /
Singapore

SG : Economic - MAS on hold amid entrenched recovery

    Michelle CHIA
    CGS-CIMB
    14 April 2021
    Published by

    Advance 1Q21 GDP met our expectations, rising 2.0% qoq sa and 0.2% yoy. Manufacturing remained the bedrock, aided by strong export demand, while easing Covid-19 curbs saw sequential gains in construction and services. MAS left its S$NEER policy settings unchanged while signaling potential upside to its 2021 GDP growth forecast range of 4-6%. We expect MAS to remain on hold this year but an increasingly entrenched recovery could set the stage for policy recalibration in 2022.