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).
A restaurant in a shopping centre in Singapore (Photo: AFP/VNA)It said travel and domestic restrictions have continued to weigh on the recovery of aviation and tourism-related sectors, as well as consumer-facing sectors such as food and beverage services and retail trade.
Singapore’s gross domestic product (GDP) growth is expected to come in at about 7 percent this year, compared to the previous forecast of 6 - 7 percent, driven by outward-oriented sectors led by manufacturing.
Analysts noted that while the projected growth rate for 2022 is slower than the pace this year, it will still beat the five-year average of 3 percent Singapore recorded before 2020.
Gabriel Lim, Permanent Secretary for Trade and Industry, said the recovery of various sectors in the economy in 2022 is expected to remain uneven. The bulk of economic growth will continue to come from outward-oriented sectors such as manufacturing and wholesale trade given robust external demand./.
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