Today-Jan 3

Singapore’s economy expanded at its fastest annual pace in over a decade in 2021 as the country emerged from its worst recession on record, caused by the deep hit to activity from the coronavirus pandemic. The city-state’s economy grew 7.2per cent in 2021, preliminary data showed on Monday, broadly in line with the government’s official projection and rebounding from the record 5.4per cent contraction in 2020.  The financial and transport hub, often seen as a bellwether of global growth, has staged a rocky recovery as governments around the world shift their coronavirus strategies to living with the pandemic, away from “zero-COVID” policies.

Singapore’s annual gross domestic product growth was the fastest since a 14.5per cent expansion in 2010, when the economy emerged from the global financial crisis. The government has previously said it expects GDP to grow 3per cent to 5per cent in 2022. Read more at: https://www.todayonline.com/world/singapores-2021-gdp-grows-fastest-pace-over-decade-1782346