Meanwhile, there are sectors that are seeing growth on the horizon — tourism, for example
The Ministry of Trade and Industry (MTI) recently revealed that Singapore’s economy will stay between three and five percent this year, reported the Singapore Business Review.
According to MTI, the conflict between Russia and Ukraine contributed to a rise in energy and food commodity prices. The COVID-19 pandemic’s trajectory is also a risk to the economy, and the possibility of more severe strains of the virus emerging remains a threat to the global economy.
In the event of renewed outbreaks of COVID-19 or an escalation in the Russia-Ukraine war, global industrial production could be affected more substantially than expected.
This year’s growth outlook is further weakened by the economic slowdown of China, Singapore’s key market for petroleum and chemical products. This directly affects the growth of Singapore’s chemicals cluster and the fuel and chemicals segment of the wholesale trade sector.
Meanwhile, there are sectors that are seeing growth on the horizon — tourism, for example.
Due to pent-up demand for travel, there is long-term growth potential for Singapore’s tourism industry. Travel Minister S Iswaran also shared during his speech at the World Economic Forum in Davos, Switzerland that passenger traffic at Changi Airport has recovered to almost 50 percent of pre-pandemic volumes.
He added that the Singapore government is also taking lessons and observations from the pandemic into account and incorporating them into its plans for the future.
Changi Airport’s Terminal 5, for example, is reopening in two to three years, according to CNA. It will have more modular airport operations that will allow it to switch between multiple operating modes much easier, if necessary.
Terminal 2, which has been closed for renovations since May 2020, is set to operate again on 29 May to accommodate the influx of passenger traffic in the coming months. By 2024, when the airport upgrades are completed, the terminal’s capacity is projected to grow by 5 million to 28 million passenger movements per year.
The Property Report editors wrote this article. For more information, email: [email protected].
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