Singapore - steady economic growth

— Press release —

Economic growth is expected to range from 3 to 5 per cent in Singapore in 2022. However, according to the Ministry of Trade and Industry (MTI), it will most likely only reach the lowest level due to the impact of the war in Ukraine and China's strict Covid 19 embargoes.

Industrial production is constantly developing in the country. According to Asia Bridge magazine, it grew by 12.8% in 2021. There are several promising sectors in the Singapore economy that are bound to grow. These are semiconductors and electronics-based manufacturing, which are expected to develop faster than forecasted. This is supported by robust global demand for those from the 5G and automotive markets, as well as cloud services and data centres. Information and communication technology sector show the best perspective for 2022.

Construction industry, especially infrastructure construction, is developing despite a shortage of skilled workers. According to official figures, industry turnover grew by 18.7% in 2021, but it will still not reach pre-pandemic levels in 2022.

Foreign trade also shows an upward trend. Most likely reach 17,5% increase compared to 2020 demonstrates the evident improvements in the business sector. The main export markets in 2021 for Singapore were China, Hong Kong, Malaysia and the US. In spite of having a moderate growth rate, the business outlook is rather positive this year.   

(Source: Asia Bridge)