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).

Tuesday, November 30, 2021 16:41

Singapore’s economy predicted to grow at slower pace next year ảnh 1

A 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

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