“Retail sales are rising and we expect it to grow 10% in 2022, aided by a tight labour market and higher tourism-led spending. Estimates from the Ministry of Manpower suggest that total employment in 2QFY2022 rose and unemployment rate fell to 2.1%, which is at pre-Covid-19 level,” he adds.
RHB Group Research analyst Shekhar Jaiswal remains positive on the Singapore market despite growing macroeconomic concerns.
In his Singapore strategy note, Jaiswal says the country’s economic situation should provide assurance to investors of positive growth in 2022.
