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Singapore well protected against economic shocks; 'slower pace of fiscal surplus accumulation' may be warranted: IMF

Bryan Wu
Bryan Wu7/22/2022 02:28 PM GMT+08  • 3 min read
Singapore well protected against economic shocks; 'slower pace of fiscal surplus accumulation' may be warranted: IMF
IMF has projected Singapore’s 2022 GDP to come in at 3.7%
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Singapore’s calibration of fiscal policy in 2022 will see it continue its strong, yet uneven economic recovery through the year, says the International Monetary Fund (IMF).

In a report dated July 22, the IMF says that while Singapore’s real GDP growth reached 7.6% and overall activity surpassed pre-Covid-19 levels in 2021 — making Singapore one of the world’s top performing advanced economies — output in tourism-related, consumer-facing and construction sectors remain below pre-pandemic levels.

Despite this “uneven recovery” in 2021, the report, published after official consultations in Singapore, notes: “Singapore’s targeted containment measures, effective vaccination campaign and decisive policy support [have] helped the economy recover impressively.”

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