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Singapore’s financial system has rebounded strongly from its worst recession since independence, mentioned Finance Minister Lawrence Wong in parliament, as a part of the 2022 Finances assertion (Feb. 18).
“Our measures have borne fruit”, he mentioned.
The resident unemployment price has come down to three.2 per cent, near pre-Covid ranges, and the median earnings of full-time employed residents grew by round 1 per cent in actual phrases, Wong added.
Regular restoration in 2022
Wong mentioned that Singaporeans can anticipate to see “regular restoration” this yr, including that the financial system ought to develop by 3 to five per cent.
Singapore’s GDP grew by 7.2 per cent in 2021, whereas its GDP contracted by 5.4 per cent in 2020.
He mentioned that Singapore will proceed to profit from the pick-up within the world financial system because of widespread vaccination and booster efforts.
However there are additionally dangers, Wong warned.
The worldwide financial system remains to be susceptible to pandemic-related dangers, and additional supply-chain disruptions.
Geopolitical and safety dangers nonetheless loom, together with tensions in Japanese Europe.
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High picture from Lawrence Wong Fb web page.
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