The government will also progressively phase out emergency support measures as businesses revive, he announced. However, a few sectors may take a longer time to see recovery, he adds.
In his new year message for 2022, Singapore’s Prime Minister Lee Hsien Loong estimated that the country’s gross domestic product (GDP) will grow between 3% to 5% in 2022.
“The year ahead will be a time of transition. Our economy is recovering steadily. Barring fresh disruptions, it should grow in step with global economic recovery,” says Lee.
