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Economy

ASEAN's 2021 GDP forecasts show cautious optimism in COVID shadow

Vaccinations key as Singapore sticks to 4-6% outlook but Thailand lowers sights

Workers put up Lunar New Year decorations in Singapore on Feb. 8: The city-state is counting on an economic rebound this year.   © Reuters

SINGAPORE -- Southeast Asian economies this year are broadly aiming to regain the growth momentum they had before the COVID-19 pandemic triggered historic declines in 2020. A look at early forecasts around the region, however, shows a wide range of scenarios as risks continue to lurk.

Singapore on Monday maintained its forecast of gross domestic product growth of 4% to 6% for 2021, unchanged from its estimate in November. The city-state is coming off a record 5.4% annual contraction, based on a revised 2.4% decline in the fourth quarter of 2020 -- an improvement from the preliminary 3.8% quarterly fall announced in January.

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