Singapore is also pursuing a long-term economic strategy centred on AI and advanced technologies. The country aims to position itself as a trusted hub for developing, testing and deploying AI solutions at scale, while focusing on practical applications to improve productivity and create new industries.
The Singapore economy is projected to slow further in 2023 amid growing challenges in the external environment, according to the latest report of the Monetary Authority of Singapore (MAS).
The Singapore economy grew by 7.6 percent in 2021, compared to a previous estimate of 7.2 percent, the Ministry of Trade and Industry (MTI) has said, while the growth forecast for this year has been maintained at 3-5 percent.
Singapore's economy will grow by 4 percent next year, likely be driven by improvements in the construction sector as well as manufacturing and finance, according to a survey of professional forecasters.
Singapore's economic growth may decline in the April-June period compared with the previous quarter because of the recently re-imposed coronavirus curbs, putting at risk the full-year target of more than 6 percent, experts have said.
Based on advance estimates for the third quarter of 2020, the Singapore economy expanded by 7.9 percent on a quarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 percent contraction in the preceding quarter.
Singapore’s government has allocated another 8 billion Singapore dollars (5.8 billion USD) to support workers and businesses hurt by the COVID-19 pandemic, the country's Deputy Prime Minister and Finance Minister Heng Swee Keat said.
The Singapore economy is predicted to contract by 5.8 percent in 2020, according to a survey by the Monetary Authority of Singapore (MAS) released on June 15.
Singapore slashed its 2020 gross domestic product forecast for the third time, the Ministry of Trade and Industry said on May 26, as the economy prepares for its deepest ever recession.
Expectations of business expansion among Singapore small and medium-sized enterprises (SMEs) have sunk to the lowest since 2009, according to a quarterly survey by the Singapore Business Federation (SBF) and Experian that was announced on December 23.
Singapore’s Ministry of Trade and Industry (MTI) said the country's 2019 economic forecast could be cut again considering the weak performance in the second quarter and strong headwinds in the global economy.
The Singapore economy is likely to end the year weaker than earlier expected in the context that the ongoing tension between the US and China has stalled three of the world’s growth engines — trade, manufacturing and investments, warned Monetary Authority of Singapore (MAS) Managing Director Ravi Menon on June 27.
The Singapore economy expanded by 4.6 percent year on year in the third quarter of this year, the highest growth in three years, according to the Ministry of Trade and Industry (MTI).
