Singapore: According to a report released on Monday by the ASEAN+3 Macroeconomic Research Office (AMRO), Singapore's economy is steadily recovering from a sharp contraction in 2020, thanks to effective containment measures, accelerated Covid-19 vaccination rollout, and extended policy support for affected businesses and households. According to reports, Singapore's economy is expected to grow by 6.3 percent in 2021 and 4 percent in 2022, owing to a recovery in domestic economic activities and robust exports, according to the AMRO report.
However, due to continued restrictions on cross-border travel, which reflect the pandemic's resurgence and the slow pace of vaccination in many countries, the recovery in tourism-related sectors will be slow.
Previously, the Monetary Authority of Singapore (MAS) forecasted that Singapore's economy would grow by 6 to 7 percent in 2021, before slowing but remaining above trend in 2022, barring the emergence of downside risks related to the virus's evolution or global economic developments. It also stated that the prospects for the travel-related sector have improved slightly, despite the fact that the recovery is expected to take time. A resurgence of the Covid-19 pandemic and the resulting negative effects on hard-hit businesses and households, according to the AMRO report, are key risks to Singapore's economic growth in the short term.
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