Singapore’s 2021 GDP grows at fastest pace in over a decade

Prime Minister Lee Hsien Loong said last week in his New Year message Singapore’s economy is recovering steadily and that the government sees a need to start raising sales tax.

SINGAPORE: Singapore’s economy expanded at its fastest annual pace in over a decade in 2021 as the country emerged from its worst recession on record, caused by the deep hit to activity from the coronavirus pandemic.

The city-state’s economy grew 7.2% in 2021, preliminary data showed yesterday, broadly in line with the government’s official projection and rebounding from the record 5.4% contraction in 2020.