Singapore’s economy grew 7.2 % in 2021

The Singaporean economy grew 7.2% last year, rebounding from a pandemic-induced 5.4% contraction in 2020, according to preliminary data. The government is aiming for a further recovery in 2022, driven by a combination of reopening and booster vaccinations. The highly contagious omicron variant, however, has clouded the outlook. Last year's growth rate is the fastest since 2010, when the economy expanded 14.5% following the global financial crisis. As for the October-December quarter, gross domestic product expanded 5.9% year on year, slower than the 7.1% growth in the July-September period, but was better than economists' expectations of 5.1% growth. For 2022, the government expects a GDP growth rate in the range of 3% to 5%.