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Singapore's Air Travel Recovery

Singapore’s air travel is in the status of recovery, having reached about the levels before the pandemic, although there are border restrictions imposed by China, said Transport Minister S. Iswaran. Passenger transport in China is important for Singapore’s travel industry, according to him. Data from the local tourism board shows that about 3.6 million Chinese people visited Singapore in 2019, which equals 13% of the total visitors.

The trend continued over the health crisis and China was the top country on the travelers’ list.

However, this might change following diffusing border measures in other countries. Only 5,000 Chinese visitors visited Singapore in the month of April, which accounts for less than 2% of total arrivals.

China’s restrictions are still in place and visitors to China have to go through Covid-19 tests and be quarantined.

At the World Economic Forum, Iswaran told CNBC on Wednesday that nonetheless, travel will possibly develop.

He said “We’ve seen a significant rebound in air travel coming through Singapore, in the space of less than two months from mid-March to mid-May”.

According to him, air travel in Singapore has seen a more than double growth to over 40% of the pre-Covid period. It is expected that this momentum will keep going, he added.  

Inoculated visitors from selected countries were permitted to visit the country without any quarantine as of September 2021. The island city-state has removed Covid tests for vaccinated visitors, easing domestic Covid restrictions.

About 92% of Singapore’s residents have been vaccinated, with 76% who have received booster doses.

 

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By Saha on May 27, 2022

Singapore's Recovery Expected to Be Slow

Singapore’s Gross Domestic Product (GDP) saw a growth of 6.1% year-on-year in the 4th quarter, partly above the government’s estimate, said the ministry of trade and industry. Analysts’ expectation was 6.2%.

Singapore’s estimate for the economy is a growth of 3-5% in 2022 as the country is recovering from the pandemic’s decline. However, officials alarmed a flipside to the global economy and rising inflation.   

The global economy is still struggling for recovery as supply chain impediment and increasing energy expenses, following friction between Russia and Ukraine, cause ascending inflation rate.

Trade and manufacturing have speeded up the country’s economic recovery; yet, this year’s expectations for tourism, air transport, and consumers sales are lower than what it was before the pandemic.

Gabriel Lim, Permanent Secretary of the Ministry of Trade and Industry, said supply chain bottlenecks in the world are predicted to linger during the first half of 2022; which would keep down industrial production and economic growth. He added constant supply issue along with high cost of energy amidst geopolitical agitation have impacted rising inflation in the world.

Priyanka Kishore, Head of India and South East Asia, and Sung-Eun Jung, Experienced macroeconomist, said economic growth is expected to slow down in the first half of 2022 while it’s taking long for reopening as a result of omicron spread and high inflation. Also, we expect finance and fiscal policies are tightening this year, they said in their research.

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By Saha on February 18, 2022

Recovery of Singapore's Tourism

The Singapore Tourism Board announced good news on the recovery of its tourism sector. Tourism receipts made it to an estimated $1.9 billion Singapore dollars last year, with 330,000 visitor arrivals, the data from the country’s tourism board declared.

Even though, the figures are low compared to 2020, with 2.7 million visitors.

From 2020 through 2021, the tourism industry in Singapore set down overall year-over-year slump in the number of visitors and tourism expenditures, which happened following great tourism work within January and February 2020.  

The country’s borders were shot down in March 2020 to avoid the surge of covid-19 cases.

The Singapore Tourism Board declared growth in tourism in the last three quarters of 2021. The rate of international tourists jumped 221% over this time in comparison with the same period in 2020.

China, India and Indonesia accounted for the major sources of international tourists who visited Singapore in 2021.

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By Saha on January 25, 2022

Young Entrepreneur Awarded in Singapore

Ian Ang , Secretlab's chief executive, is the leading Singapore’s EY Entrepreneur. The young entrepreneur was awarded on September 30. Ang, 28 years old, and Alaric Choo cofounded the gaming chair company ( Secretlab) in 2014. Their business took off as the coronavirus pandemic enforced lockdown. Presently, home workers find a necessity for comfortable chairs more than ever before. The company employed more workforce to tackle surging global chair orders. Over 30 people were hired in Singapore to take care of different job positions in operations and development of the products in a period of April to June. Secretlab, with over 100 young staff, is now dealing with chairs demand in the world. Its main target market lies in the United States, Canada and Europe. The EY Entrepreneur of The Year is an award granted to Singapore’s supreme businessmen with creativity to promote domestic and global economy. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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