Singapore’s economic outlook in 2022 appears optimistic. However, the nation would need to remain cautious and keep a close watch on the developments of other countries.
Prime Minister Lee Hsien Loong gave his thoughts on this year’s economic outlook at an annual Lunar New Year visit to appreciate workers. The visit, held on Lunar New Year’s eve on 31 January 2022 at Jurong Point mall, was organised by NTUC.
“I think it [the economic outlook] is not bad, because America's economy is quite strong – still growing well. Europe is a bit more guarded, but they are also growing. And the Omicron wave is an uncertainty. But it looks like in the developed countries, it has gone up quickly, it is coming back down quite fast. And hopefully, that means the economy can continue going without being disrupted too much,” said Mr Lee.
Despite the growth of the American and European economies, China’s economy remains the one to watch.
“What you do not know is what will happen in China because they are still on the zero-Covid policy. And I can understand the reasons. It takes a great effort for them to sustain this. And it may have an impact on the economy beyond what is expected, in which case it could affect us too - so we have to watch that,” added Mr Lee.
With tourism travel in mind, Mr Lee added that Singapore will continue to progressively re-open borders and resume business with Singapore’s neighbours in the region.
Mr Lee said: “I am overall cautiously optimistic for this year. I know there are some sectors which have difficulty, certainly the F&B, some establishments and also the tourism and entertainment sectors. But overall, I would say the economy is on an even keel. And we are projecting 3 to 5 per cent growth this year, so that means that we should be alright.”
The Lunar New Year visit this year saw Mr Lee, accompanied by NTUC President Mary Liew and NTUC Secretary-General Ng Chee Meng, meet over 30 taxi drivers and delivery riders.
Others at the visit included NTUC Assistant Secretary-General Patrick Tay, Yeo Wan Ling, advisor to NTUC affiliates National Delivery Champions Association (NDCA), National Private Hire Vehicles Association (NPHVA) and National Taxi Association (NTA), and Fahmi Aliman, director of the NTUC Operations Department.
Minister for Transport S Iswaran and Second Minister of State for Transport Amy Khor were also present.
Mr Ng had greeted private hire drivers along with Ms Yeo and Mr Fahmi prior to Mr Lee’s visit.
Mr Lee and the entourage also greeted mall workers at Jurong Point comprising security officers, cleaners, facilities management and customer service staff.
The workers were given gift bags, which included red packets, mandarin oranges, hand towels, vacuum flasks and face masks.
Commenting on his meeting with taxi drivers and delivery riders, Mr Lee said: “Many families depend on them. And they have been working hard to support their own families. I also had the chance to talk to some of the taxi drivers. They have been very affected because people are working from home. And most importantly, because we do not have so many tourists coming in now. And that is a significant impact on their income. But with the Government schemes and their efforts to adjust, I think they are all coping. And we are all hoping for a better year ahead, this year of the tiger.”
Read More: The Labour Movement spreads some festive Lunar New Year cheer to workers at Jurong Point.
