Singapore’s economy grows 7.2 percent in 2021

Illustrative image (Photo: https://www.straitstimes.com/)

Singapore (VNA) - Singapore's economy grew 7.2 percent in 2021, rebounding from its worst recession caused by the COVID-19 pandemic since 1965, the Singaporean Ministry of Trade and Industry (MTI) reported on January 3.

Singapore plunged into its worst economic performance in 2020 as businesses and international borders shut down, cutting off its trade and tourism activities.

However, in the last quarter of 2021, Singapore's economy increased by 5.4 percent year-on-year.

In 2021, manufacturing - a pillar of Singapore's economy, recorded a yearly growth of 12.8 percent, while construction - a domestic growth engine, grew by 18.7 percent.

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.

Singapore's economy is forecast to grow by 3-5 percent this year, he said./.