ASEAN+3 Macroeconomic Research Office (AMRO)

The growth is mainly due to the robust domestic demand from higher household incomes and recovering investment activity.

AMRO expects Singapore's GDP to expand by 6.5% this year, before moderating to 4% in 2022.

The downgrade follows the flat growth seen in the region in 2020.

Enviro-Hub is looking forward to a stronger set of financials down the road.

Asean + 3 region will remain a highly attractive location for investments into global value chains (GVCs) once the pandemic ends.

The upgrade in the region’s growth rate follows the economies’ resilience, says AMRO

"Regional growth is expected to slow sharply this year, from 4.8% in 2019, to 0% in 2020 before rebounding strongly in 2021,” says AMRO’s chief economist Khor Hoe Ee.

“No one can say how widely the Covid-19 pandemic may spread, and containment may take longer than currently projected,” said ADB’s chief economist Yasyuki Saswada

“The global tragedy of the Covid-19 pandemic reminds us of our collective destiny and challenges the region to demonstrate its resilience and commitment to come up with solutions that safeguard and strengthen our long-term interests,” says AMRO.

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