(GRAB), (ACDSF) – Singapore Economy Registers 7.2% Growth In 2021, Highest In Over A Decade

Shares of U.S.-listed corporations rose in Singapore on Monday after authorities knowledge confirmed that Singapore’s financial system grew 7.2% in 2021, rebounding from a pandemic-induced 5.4% contraction within the earlier yr.

What’s Transferring: Singapore’s Straits Instances Index rose 0.2% on Monday following the discharge of the gross home product (GDP) knowledge.

Shares of Ascendas Actual Property Funding Belief (OTC: ACDSF) have gained 0.7% in Singapore, whereas Keppel Company Restricted (OTC: KPELY) shares have risen 0.2% and Singapore Telecommunications Restricted’s (OTC: SGAPY) traded 0.4% increased.

Singapore-based ride-hailing and meals supply firm Seize Holdings Restricted’s (NASDAQ: GRAB) commerce on the Nasdaq.

What Occurred: Singapore’s financial system expanded by 5.9% within the fourth quarter of 2021, slower than the 7.1% progress within the July-September quarter.

Town-state emerged out of recession within the first quarter of 2021 by recording a progress of 1.5%.

Final yr’s progress price is the quickest annual tempo in over a decade for Singapore.

The Singapore authorities has described 2022 as a “time of transition” because it expects GDP progress for the yr in a spread of three% to five%. The extremely contagious Omicron variant continues to pose a risk.

“We are going to progressively section out emergency assist measures as companies revive, although a number of sectors will take longer,” Prime Minister Lee Hsien Loong stated in his New Yr’s message.

About 87% of the inhabitants in Singapore has been absolutely vaccinated, whereas 39% have acquired their booster shot, it was reported by The Straits Instances newspaper final week.

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