2020 was a bad year for many reasons:
- All bubble tea stores in Singapore were closed at the same time for months
- Parties suddenly became illegal
- Leisure travel became unavailable to all
But it was also a particularly disastrous year for our economy, with COVID-19 restrictions affecting countless sectors. As a result, Singapore’s economy experienced its first contraction—5.4%—since 2001. It was our worst recession since independence.
But a year has passed since then, and things are certainly looking up.
Economy Grew 7.2% in 2021
Our economy rebounded in 2021, growing 7.2% over the course of the year, according to advance estimates by the Ministry of Trade and Industry (MTI).
This is our fastest full-year growth in more than a decade, and better than the 7.1% growth previously predicted by Bloomberg economists. Last November, MTI forecasted a 7% expansion of the country’s economy.
The fourth quarter of the year saw a 2.6% growth in gross domestic product (GDP) growth, preceded by a 1.2% growth in the third quarter.
Compared to the last quarter of 2020, the fourth quarter of 2021 saw a 5.9% growth in GDP.
These estimates are calculated primarily based on data from October and November, and may be revised when more comprehensive data is available, MTI said.
Here are some of the sectors which had notable growth:
- Manufacturing – grew 12.8% year on year, compared to 7.3% the previous year
- Construction – grew 18.7%, compared to a 35.9% decline the previous year
- Services – grew 5.2%, compared to 6.9% contraction in 2020
As you can see, the best performing sector was the manufacturing sector. This was supported by output expansions in all clusters, particularly the electronics and precision engineering clusters.
So, what about this year?
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Economy Expected to Grow 3% to 5% in 2022
In his New Year address, Prime Minister Lee Hsien Loong said that our economy is expected to grow by 3% to 5% in 2022.
Thanks to the implementation of the mass vaccination drives and booster programme, the country is in a stronger position than it was two years ago, he said.
Even with the emergence of the highly transmissible Omicron variant, these measures will allow us to better deal with public health challenges and minimise any impact on the economy.
PM Lee also hinted that the upcoming GST hike will be discussed in Budget 2022, which will be revealed on 18 Feb.
In addition, 2022 will be a time of transition, PM Lee said.
“Beyond managing COVID-19, we will continue to generate new growth and prosperity for a post-pandemic economy. We must maintain unity, resilience, and willingness to accept difficult measures, in order to overcome longer-term challenges and keep on progressing together.”
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Featured Image: joyfull / Shutterstock.com
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