The Singapore economy grew by 7.6 percent in 2021 (Photo: AFP) Hanoi (VNA) – The Singapore economy grew by 7.6 percent in 2021, compared to a previous estimate of 7.2 percent, the Ministry of Trade and Industry (MTI) has said, while the growth forecast for this year has been maintained at 3-5 percent.
Retail trade and food and beverage (F&B) services are projected to see a gradual recovery over the course of the year as domestic COVID-19 restrictions are eased.
Selena Ling, head of Treasury Research & Strategy, Global Treasury Division of OCBC Bank in Singapore said the lifting of restrictions will serve as an impulsive for the country’s economy in 2022.
Inflationary risks remain despite a growth prospect of 3-5 percent this year, she added.
Data of the MTI in early 2022 showed that Singapore's economy grew 7.2 percent last year, rebounding from its worst recession caused by the COVID-19 pandemic since 1965.
The expansion was primarily driven by a 5.9 percent growth recorded in the fourth quarter of 2021.
In his New Year's message, Singaporean Prime Minister Lee Hsien Loong said the Southeast Asian country still faces many difficulties, especially new turmoil caused by the Omicron variant.
However, he stated that the country is in a better position to respond to the COVID-19 pandemic than it was two years ago when it is implementing a booster vaccination programme and giving vaccines to children under 12 years old./.
