AMRO says the higher levels of growth in 2021 and 2022 will be driven by robust employment, domestic spending and external demand over the shorter-term.
The progressive resumption of economic activities since the second half of 2020 is set to see Singapore’s economy growing “strongly” in 2021 and 2022, say economists at the Asean +3 Macroeconomic Research Office (AMRO).
The macroeconomic watchdog is expecting the city-state’s GDP to expand by 6.5% this year, before moderating to 4% in 2022. Last year, the republic’s GDP contracted by 5.4%, as several economic activities ground to a halt in a bid to curb the spread of the coronavirus infections.
