Singapore poised for further recovery in 2022 amid external headwinds, inflation

COMING off a stellar rebound from the worst recession since independence, Singapore is poised for further recovery in 2022 although external headwinds continue to weigh on the outlook, economists said.

The economy grew 7.6 per cent in 2021, beating an advance estimate of 7.2 per cent, according to data from the Ministry of Trade and Industry (MTI) on Thursday (Feb 17).

This is a turnaround from 2020, when the economy shrank 4.1 per cent, although this is a revised figure from the earlier-published 5.4 per cent contraction.