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Singapore's economy has rebounded strongly from its worst recession since independence, said Finance Minister Lawrence Wong in parliament, as part of the 2022 Budget statement (Feb. 18).
"Our measures have borne fruit", he said.
The resident unemployment rate has come down to 3.2 per cent, close to pre-Covid levels, and the median income of full-time employed residents grew by around 1 per cent in real terms, Wong added.
Steady recovery in 2022
Wong said that Singaporeans can expect to see "steady recovery" this year, adding that the economy should grow by 3 to 5 per cent.
Singapore's GDP grew by 7.2 per cent in 2021, while its GDP contracted by 5.4 per cent in 2020.
He said that Singapore will continue to benefit from the pick-up in the global economy due to widespread vaccination and booster efforts.
But there are also risks, Wong warned.
The global economy is still vulnerable to pandemic-related risks, and further supply-chain disruptions.
Geopolitical and security risks still loom, including tensions in Eastern Europe.
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Top photo from Lawrence Wong Facebook page.