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Singapore records slower growth rate in 2022


Singapore’s economy grew slower in 2022 compared to the 8.9% growth rate in 2021. Data from the Ministry of Trade and Industry (MTI) showed that the country’s economy grew 3.6% in 2022. The MTI has kept its 2023 growth forecast range at 0.5-2.5%, even though Singapore’s external demand outlook has improved “very slightly” since the last report in November. Permanent secretary Gabriel Lim said that China’s faster-than-expected reopening from the Covid restrictions will definitely not just help benefit Singapore’s sectors but also uplift regional economies, which will in turn also have a positive second-order effect on Singapore. Singapore’s export growth decelerated to 3% in 2022 and is expected to be flat or decline in 2023. Lim said that this, however, needs to be seen in context of some of the other broader challenges and issues elsewhere, such as in the US and the eurozone.

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