The recent stats from Singapore’s economy wrap-up show the fastest growth in the entire decade, even after the worse recession posed by the Covid-19 pandemic. As compared to the reports from the year 2010, the economy grew by almost 7.2% in the previous year; which is much higher than the estimates provided by the field experts, said Ministry of Trade and Industry (MTI), Singapore.
As per the predictions made by MTI in the month of November, it was expected that gross domestic product (GDP) in 2021 may grow by 7%, considering the top end of the prior estimates limited to 6%. The economy contracted by almost 5.4% in the year 2020 due to pandemic related crisis.
While addressing the public on New Year’s Eve recently, Lee Hsien Loong, Prime Minister, stated that the economy may grow by 3 to 5% in the year 2022 while reiterating the maiden forecasts made by MTI in the month of November 2021.