Singapore economy 'should return to the path of recovery', expected to grow at 'above-trend' pace in 2022: MAS

SINGAPORE: The Singapore economy should return to the path of recovery and is expected to expand at a “slower but still-above trend” pace in 2022, said the Monetary Authority of Singapore on Thursday .

Domestic-oriented activity was “curtailed” due to these restrictions, but external-facing trade-related and modern services sectors fared better and provided some support to overall growth, it added. The domestic-oriented sector should see a “gradual pickup in activity”, while prospects for the travel-related sector have also improved slightly, MAS added.

A more extensive reopening of the economy towards the end of the year should improve footfall for retail businesses and eateries, although demand from foreign travellers is expected to recover only gradually. A strong rebound in the travel-related sector may only materialise over 2022 when border barriers are removed “more substantially”, while a recovery to pre-pandemic output level is only anticipated after 2022, MAS added.

Resident wage growth also picked up in Q2, bringing the wage level “back in line with its pre-COVID trend”, the report added. Firms across a range of industries also reported to have ended wage freezes and reversed wage cuts.MAS added that costs of freight, consumer durables, energy and food commodities have risen, and could remain elevated in the near term as global supply and demand mismatches linger.

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