Singapore economy headed for fastest annual growth in more than a decade
【 2022/01/03 Source: Bloomberg 】
- Singapore’s economic recovery accelerated in the fourth quarter of 2021, heading towards its fastest full-year growth in more than a decade. Preliminary data released by Singapore’s Ministry of Trade and Industry showed GDP grew at a seasonally adjusted 2.6% month-on-month in the fourth quarter, compared with the median forecast of 2.1% among economists polled by Bloomberg.
- Singapore’s accelerated recovery in the fourth quarter helped bring full-year growth to 7.2%, which would be the fastest pace since 2010.
Economists had forecast growth of 7.1 percent, compared with the Ministry of Trade and Industry’s November forecast of “about 7 percent.” But Singapore’s economy, which is highly dependent on global trade, is now facing challenges from the rapid spread of the Omicron virus and a slowdown in China’s economy, its largest trading partner.
- Singapore’s economy faces multiple challenges Singapore looks set to maintain a gradual reopening path. Prime Minister Lee Hsien Loong expressed confidence in his New Year’s message on Friday to deal with the impact of the Omicron outbreak with aplomb, and expects GDP to achieve 3% to 2022. 5% growth. Singapore’s Ministry of Trade and Industry said GDP grew 5.9 percent year-on-year in the fourth quarter, compared with the median forecast in a Bloomberg survey of 5.1 percent.
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