The economic performance of this Southeast Asian country is often seen as an indicator of global economic trends due to its reliance on trade with the rest of the world.
This financial hub also has one of the busiest ports in the world as it connects Asia to the rest of the world.
Singapore’s economy grew by 3.6% in 2022, far from the 8.9% recorded in 2021.
Growth forecasts for this year, established by the Monetary Authority of Singapore, are between 0.5% and 2.5%.
Li expressed hope that inflation will ease in the second half of the year.
“Our external environment remains volatile and geopolitical tensions dangerous,†he warned, also pointing to the risks of stagnation in the West, where interest rates are constantly raised to curb inflation.
“The multilateral trading system is increasingly undermined by nationalist and protectionist sentiments affecting international trade and cooperation,” he added.
On the other hand, the Prime Minister made it clear that Singapore needs to adapt to the economic turmoil associated with emerging and technology industries.
“Our industries need to be transformed, our existing capabilities enhanced and new ones created as we enter developing markets,†he said.
Read the Latest World News Today on The Eastern Herald.
