by Martin Armstrong
Armstrong Economics
ASIA:
Singapore’s economy might be less directly impacted by the war in Ukraine or the sanctions on Russia, but a potential hit to global growth and rising inflation can eventually put a dent on its economic outlook. Russia represents a rather small share of global gross domestic product (GDP) at about 1.6 per cent, and it is not one of Singapore’s major trading partners.
Singapore has maintained its growth forecast for this year at 3 to 5 percent as data on Thursday (Feb 17) showed the economy staging a recovery in 2021. The Singapore economy expanded 7.6 per cent last year, mainly lifted by the manufacturing, finance and insurance, and wholesale trade sectors, said the Ministry of Trade and Industry (MTI) in a press release.