Singapore’s GDP Growth Slows to 3.8% in 2022

Export demand continues to weaken and there is concern over a potential recession in advanced economies amid rising geopolitical uncertainty. Photo: VCG

(Nikkei Asia) — Singapore’s economy grew 3.8% last year, driven by the lifting of Covid-19 border restrictions and the return of international visitors to the Asian financial hub, according to preliminary data released on Tuesday.

The annual gross domestic product growth beat the official forecast of “around 3.5%” but was slower than the 7.6% rate recorded in 2021 — a rebound from the pandemic-induced 4.1% contraction in 2020. The trade-reliant economy experienced a drop in exports amid weaker external demand, especially from China.