Despite this “uneven recovery” in 2021, the report, published after official consultations in Singapore, notes: “Singapore’s targeted containment measures, effective vaccination campaign and decisive policy support [have] helped the economy recover impressively.”
Singapore’s calibration of fiscal policy in 2022 will see it continue its strong, yet uneven economic recovery through the year, says the International Monetary Fund (IMF).
In a report dated July 22, the IMF says that while Singapore’s real GDP growth reached 7.6% and overall activity surpassed pre-Covid-19 levels in 2021 — making Singapore one of the world’s top performing advanced economies — output in tourism-related, consumer-facing and construction sectors remain below pre-pandemic levels.
