Singapore economy to retain outlook despite GST rate hike: Moody's

Moody’s Analytics expects the economy to grow by 4.6% in 2022.

Moody’s Analytics stood its ground as the research group kept its projected economic growth at 4.6%.

This follows last week's announcements by the Singapore government and its budgets, such as a planned GST hike in 2023, green ambitions, and pandemic-related support.

The current outlook also falls within the current projection of the trade ministry between 3% to 5%, with the current Omicron wave also expected to not hit the economy.

According to Denise Check, Moody’s Analytics, author of the analysis, this is due to a higher vaccination rate and rollouts of booster shots. The year is also expected to see the country focusing instead on curbing rising inflation pressures and other long-term priorities.

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