World

Singapore’s economy predicted to grow at slower pace next year

Singapore’s economic growth may slow down to 3 - 5 percent in 2022 amid an uneven domestic recovery and lingering uncertainty over global growth, according to the country’s Ministry of Trade and Industry (MTI).
Singapore’s economy predicted to grow at slower pace next year ảnh 1A restaurant in a shopping centre in Singapore (Photo: AFP/VNA)
Singapore (VNA) –Singapore’s economic growth may slow down to 3 - 5 percent in 2022 amid anuneven domestic recovery and lingering uncertainty over global growth,according to the country’s Ministry of Trade and Industry (MTI).

It said travel and domesticrestrictions have continued to weigh on the recovery of aviation andtourism-related sectors, as well as consumer-facing sectors such as food and beverageservices and retail trade.

Singapore’s gross domesticproduct (GDP) growth is expected to come in at about 7 percent this year, comparedto the previous forecast of 6 - 7 percent, driven by outward-oriented sectorsled by manufacturing.

Analysts noted that while the projected growthrate for 2022 is slower than the pace this year, it will still beat thefive-year average of 3 percent Singapore recorded before 2020.

Gabriel Lim, Permanent Secretary for Tradeand Industry, said the recovery of various sectors in the economyin 2022 is expected to remain uneven. The bulk of economic growth will continueto come from outward-oriented sectors such as manufacturing and wholesale tradegiven robust external demand./.
VNA
#Singapore #Singapore’s economy #Singapore's Ministry of Trade and Industry #economic growth #outward-oriented sectors #Vietnamplus #Vietnam News Agency Singapore
Follow VietnamPlus

Related News

Singapore continues to reopen borders

Singapore continues to reopen borders

Singapore will extend its vaccinated travel lane (VTL) scheme to more countries starting from November 29, according to Transport Minister S. Iswaran.
Singapore to enter next phase of reopening

Singapore to enter next phase of reopening

Given a drop in COVID-19 cases, Singapore has decided to end the Stabilisation Phase that started on September 27 following a virus resurgence, and move into the next phase of reopening.

See more

Mobile attacks in Thailand surge 127% in Q1: Kaspersky survey

Mobile attacks in Thailand surge 127% in Q1: Kaspersky survey

Smartphones are often not protected to the same level as personal computers despite becoming gateways to users’ financial, social and professional lives, and the challenge is to ensure that mobile security develops at the same pace as the region’s increasing reliance on smartphones.

Cambodia draws 5.22 bln USD in FDI in seven months

Cambodia draws 5.22 bln USD in FDI in seven months

Cambodia attracted 5.22 billion USD in registered foreign direct investment (FDI) during the first seven months of 2026, the Khmer Times cited a report recently released by the Council for the Development of Cambodia (CDC).

A house damaged by an earthquake on Indonesia’s Flores Island on August 15, 2026. (Photo: Xinhua/ VNA)

Indonesia closes tourist sites after quake, activates nine health centres

According to the Indonesian National Disaster Management Agency (BNPB), the temporarily closed sites include Goa Rangko in West Manggarai, Wae Rebo Traditional Village in Manggarai, and Kelimutu National Park in Ende. The closures aim to ensure visitor safety and facilitate inspections and repairs of earthquake-damaged infrastructure.

Indonesia busts gold smuggling ring

Indonesia busts gold smuggling ring

Indonesian police have arrested two Indian nationals in an investigation into a suspected network that processed illegally mined gold in Jakarta before smuggling it overseas, including to Dubai, reported the Jakarta Globe.

Rice for sale in Jakarta, Indonesia (Photo: AFP/VNA)

Indonesia to export 1,000 tonnes of premium rice to Malaysia

Indonesia has announced plans to export 1,000 tonnes of premium rice to Malaysia, with state-run logistics company Bulog describing the planned shipment as a showcase of the country’s growing food security, Antara news agency reported.

Thailand uses tech to convert plastic waste into oil

Thailand uses tech to convert plastic waste into oil

Patcharatarasmi Thongsaluaykorn, deputy spokesperson for the Office of the Prime Minister, said on August 16 that the Government is working to reduce living costs and generate income for the public by applying science, technology, and innovation to turn "waste" around people into career and income opportunities for households while easing the community's landfill burden.

A house damaged by the earthquake on Flores Island, Indonesia, August 15, 2026. (Photo: Xinhua/VNA)

Indonesia steps up earthquake search, rescue, relief efforts

Indonesia is stepping up search and rescue operations and providing assistance to residents following a 7.7-magnitude earthquake that struck offshore near Flores Island in East Nusa Tenggara (NTT) province on the morning of August 15, the Indonesian news agency Antara reported.

Rescuers search for victims following the earthquake in Flores, Indonesia, on August 15, 2026. (Photo: Xinhua/VNA)

Indonesia earthquake death toll rises, 2,000 evacuated

The earthquake struck off Flores Island near Mbay town in Nagekeo district, East Nusa Tenggara province, triggering strong aftershocks. Several houses and other structures were damaged, while landslides disrupted roads in some areas.

Cambodia moves to keep pace with growing EV market

Cambodia moves to keep pace with growing EV market

A report from the Ministry of Public Works and Transport showed that as many as 6,174 new EVs were registered in the Southeast Asian country during the first half of this year, bringing the total number of officially registered EVs to 15,239.