The Singapore economy grew by 7.6 percent in 2021 (Photo: AFP) Hanoi (VNA) – The Singapore economy grew by 7.6percent in 2021, compared to a previous estimate of 7.2 percent, the Ministry of Trade andIndustry (MTI) has said, while the growth forecast for this year has beenmaintained at 3-5 percent.
Retail trade and food and beverage (F&B) services areprojected to see a gradual recovery over the course of the year as domestic COVID-19restrictions are eased.
Selena Ling, head of Treasury Research & Strategy,Global Treasury Division of OCBC Bank in Singapore said the lifting ofrestrictions will serve as an impulsive for the country’s economy in 2022.
Inflationary risks remain despite a growth prospect of 3-5percent this year, she added.
Data of the MTI in early 2022 showed that Singapore's economygrew 7.2 percent last year, rebounding from its worst recession caused by theCOVID-19 pandemic since 1965.
The expansion was primarily driven by a 5.9 percent growth recordedin the fourth quarter of 2021.
In his New Year's message, Singaporean Prime Minister LeeHsien 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 positionto respond to the COVID-19 pandemic than it was two years ago when it isimplementing a booster vaccination programme and giving vaccines to childrenunder 12 years old./.
