Singapore’s ability to avoid an economic recession hangs by a thread

Travel, tourism, hospitality, food and beverage, and retail are part of the services sector, and together accounted for around 10 per cent of the GDP in 2019.

No one expects Singapore’s economy to slide into a recession but the odds of a technical recession remain in play.

ST PHOTO: KUA CHEE SIONG

Ovais Subhani

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SINGAPORE – Singapore is pinning its

hopes of avoiding a recession

on an expected rebound in travel-related businesses, even though they account for a relatively small part of the economy.

Clusters such as travel, tourism, hospitality, food and beverage, and retail are part of the service sector, and together accounted for around 10 per cent of gross domestic product (GDP) in 2019.

Singapore’s ability to avoid an economic recession hangs by a thread

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