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Easing of restrictions brings cheer to economy but rising inflation remains a challenge

Amala Balakrishner
Amala Balakrishner4/28/2022 06:48 PM GMT+08  • 8 min read
Easing of restrictions brings cheer to economy but rising inflation remains a challenge
MAS is maintaining its forecast for Singapore’s GDP growth at 3% to 5% this year, barring an escalation in tensions between Russia and Ukraine as well as a deterioration in the Covid-19 crisis (Image credit: The Edge Singapore)
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After seeing a turnaround in its economy with a growth rate of 7.6% in 2021, the worst seems to be over for Singapore. The little red dot’s econo- my looks to be on track to continue expanding in the coming quarters despite the ongoing war between Russia and Ukraine and the resultant impact on global supply chains.

The optimism follows a massive easing of domestic safe management measures and border restrictions as the republic moves towards treating Covid-19 as endemic, the Monetary Authority of Singapore (MAS) highlighted in its half-yearly macroeconomic review on April 28.

Starting from April 26, caps on group sizes for mask-off activities were removed while the need for a one-metre safe distance between groups is no longer needed. Additionally, workplaces are now allowed to have all their staff back at the office.

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