Singapore's Economic Growth Rate at 7.2% Last Year... "Forecasted 3-5% Range This Year"

[Asia Economy Reporter Joselgina] Singapore, the global hub of intermediary trade, recorded an economic growth rate in the 7% range last year. This year, it is expected to be in the 3-5% range.

According to Bloomberg News, on the 3rd, the Singapore Ministry of Trade and Industry (MTI) announced that the annual Gross Domestic Product (GDP) growth rate was 7.2% compared to the same period last year. This matches the expert forecast of 7.1%. It is also the largest growth rate since 2010.

Last year's 4th quarter GDP grew by 5.9% compared to the same period last year. Compared to the previous quarter, it was 2.6%. Both figures exceed the expert forecasts of 5.1% and 2.1%, respectively.

Singapore Prime Minister Lee Hsien Loong predicted in his 2022 New Year's address that Singapore's GDP growth rate this year would be in the 3-5% range. Singapore, which is highly dependent on exports, has a growth rate largely influenced by the global economy. He stated, "We will achieve steady recovery and growth along with the global economy."

This content was produced with the assistance of AI translation services.