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Singapore's economy expanded 7.6% in 2021

Singapore has maintained its growth forecast for this year at 3-5% as data on Thursday showed the economy staging a recovery in 2021. The Singapore economy expanded 7.6% last year, mainly lifted by the manufacturing, finance and insurance, and wholesale trade sectors, said the Ministry of Trade and Industry (MTI) in a press release. This marked the fastest full-year growth since 2010’s record 14.5%. Moving forward, MTI said the economy will continue to grow, albeit unevenly, in 2022. It noted that the outlook for Singapore’s external demand has “deteriorated slightly” since its last report in November, as many economies tightened restrictions to combat the highly transmissible Omicron variant.

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