Strong yet uneven recovery throughout 2022 😲⬇️
Singapore’s calibration of fiscal policy in 2022 will see it continue its strong, yet uneven economic recovery through the year, says the International Monetary Fund .
Despite this “uneven recovery” in 2021, the report, published after official consultations in Singapore, notes: “Singapore’s targeted containment measures, effective vaccination campaign and decisive policy support [have] helped the economy recover impressively.” Growth is expected to remain “above potential” in the near term and broaden across sectors, supported by widespread vaccinations and pent-up demand as the economy reopens. IMF projects a gross domestic product growth of 3.7% for 2022, while headline inflation is expected to remain elevated at about 4.8% in 2022 due to external pressures.
“Should downside risks materialise, fiscal policy should continue to be the first line of defence and Singapore has ample fiscal space to deploy additional policy support,” says the report, adding that Singapore’s calibration of fiscal policy in 2022 is aligned with the strong, yet uneven recovery seen thus far.
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