Singapore Economy Grows 3.6% in 2022, Down from 8.9% in 2021

Singapore’s economy grew 3.6% for 2022, data from the Ministry of Trade and Industry (MTI) showed on Monday, revised down from January’s advance estimate of 3.8% and less than the 8.9% growth in 2021.

Economic growth in the country slowed to 2.1% on an annualized basis in the fourth quarter, from 4% in the third quarter. That was below the 2.3% growth forecast by Reuters.

The ministry of trade and industry has maintained its GDP projection for 2023 at 0.5% to 2.5%, citing an improved growth outlook for aviation and tourism-related sectors.

As a result of China’s unexpectedly swift easing of border restrictions, the rebound in international air travel and inbound tourism is projected to quicken.

The growth outlook for other export-oriented sectors, however, is still “poor,” the ministry stated, due to the global economic slump.

The recession in major overseas economies will also have a chilling effect on wholesale commerce, water transport, and the financial and insurance sectors.