SINGAPORE – Backed by targeted government support and external demand, Singapore’s economy has rebounded since the second half of 2020 and is now expected to grow “strongly” this year and next, economists from the Asean+3 Macroeconomic Research Office (Amro) said on Monday (Nov 8).
After contracting by 5.4 per cent in 2020, Singapore’s gross domestic product is forecast to expand by 6.5 per cent this year before moderating to 4 per cent in 2022. The higher levels of growth will be driven by robust employment and domestic spending, as well as external demand over the shorter term, and a recovery in tourism and hospitality over the longer term, the report said.
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