SINGAPORE: Singapore has maintained its growth forecast for this year at 3 to 5 per cent as data on Thursday showed the economy staging a recovery in 2021.
MTI noted that the outlook for Singapore’s external demand has “deteriorated slightly” since its last report in November, as many economies tightened restrictions to combat the highly transmissible Omicron variant. Energy prices are also facing “significant upside risks” amid supply concerns due to escalating geopolitical tensions involving Russia and Ukraine, and in the Middle East, as well as unpredictable weather conditions.
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