GDP

External demand outlook has weakened as US, Eurozone economies decelerate.

For the full year, GDP only increased by 3.8%.

Economic growth will likely decelerate to 1.5% next year.

This is given the unfavourable base effect and the moderation of global growth and trade levels.

In 2021, GDP growth hit 7.1%.

The quarter’s GDP moderates from 15.2% in 2Q21.

Fitch Solutions expects the government to ramp up its healthcare expenditure in the coming years.

Analysts upgraded their full-year GDP forecasts as the economy slowly recovers to pre-pandemic levels.

Certain business sectors will continue to struggle amidst labour shortages and mobility restrictions.

MAS Managing Director Ravi Menon said the government could upgrade its GDP forecast for 2021.

And power and gas tariff to increase between July and September.

Private-sector economists polled by the Monetary Authority of Singapore expect higher growth, faster inflation in 2021.