Singapore expects slower GDP growth of 3-5% in 2022 as industries recover at uneven pace

Singapore is expecting slower economic growth of between 3% and 5% in 2022 as industries recover at an uneven pace and inflation risks remain. As the COVID-19 pandemic persists, travel restrictions are expected to cap the recovery in aviation and tourism-related sectors. Visitor arrivals may remain weak and dampen retail recovery. On the other hand, growth prospects for export-oriented sectors remain strong on the back of robust external demand. Singapore’s full-year growth for 2021 is set to come in at around 7%.

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