3-5% growth expected for S'pore this year

The Singapore economy is expected to expand between 3 per cent and 5 per cent this year, although the outlook for the various sectors remains uneven, the Ministry of Trade and Industry (MTI) said in its Economic Survey re-port yesterday.

It said that growth prospects for outward-oriented sectors such as manufacturing are supported by sustained global demand for semiconductors and semiconductor equipment.

However, the recovery of the aviation-and tourism-related sectors is expected to be slow due to recurring Covid-19 outbreaks and potential virus mutations.

This comes after Singapore's economic growth for the whole of last year came in at 7.6 per cent, up from the estimate of 7.2 per cent, MTI said.