Singapore’s economy grows at 2.7 percent, falls short of forecasts | Business and Economy


The city-state of Singapore is always closely watched as an indicator of global economic conditions. The economy grew slower than expected in the first quarter, with a struggling manufacturing sector impacting tourism spending. Gross domestic product (GDP) expanded by 2.7 percent on-year, slightly below the projected 3.0 percent. The services sector saw growth, particularly in accommodation and food. The temporary boost from events like Taylor Swift’s concerts and the Singapore Airshow could lead to an upward adjustment in growth figures. Overall, the economy is still in a recovery phase post-pandemic. The Monetary Authority of Singapore has kept its monetary policy unchanged to manage inflation. With a reliance on international trade, Singapore adjusts for imported inflation by maintaining a strong Singapore dollar.


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