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Singapore economy seen slowing next year after 7% expansion in 2021

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Singapore’s economy is expected to grow about 7% in 2021, at the top of the official forecast range, and will expand at a slower pace next year as an uneven recovery continues across sectors, the government said on Wednesday.

Gross domestic product (GDP) grew 7.1% year-on-year in the third quarter, the Ministry of Trade and Industry (MTI) said, higher than the 6.5% growth seen in the government’s advance estimate.

Analysts had expected a 6.5% increase, according to a Reuters poll.

The economy is expected to grow 3% to 5% next year. The MTI had previously forecast a GDP growth range of 6% to 7% for 2021.

“The recovery of the various sectors of the economy is expected to remain uneven in 2022,” said Gabriel Lim, permanent secretary for trade and industry. He expects outward-oriented sectors such as manufacturing and wholesale trade to remain strong, while activity in aviation- and tourism-related sectors would remain below pre-COVID levels…

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