Singapore is one of the most popular travel destinations in the world. Millions of people from around the world flock to this country owing to its robust infrastructure, modern amenities, and multiple tourist attractions. It seems that the economy of this country hasn’t been doing very well. However, during this economic downturn, one of its saving graces has been the travel industry. Despite the decline in the country’s gross domestic product or GDP, Singapore’s travel industry is doing quite well.
Singapore’s Travel Industry Protects It From Recession
According to the data provided by the country, the influx of tourists which, in turn, boosts the service sector of the country, will help in avoiding an out-and-out recession in the country. According to the estimation of the authorities, the Singaporean GDP is hoped to increase by 0.5 to 2.5 per cent.
According to the final estimate of the first quarter which was released by the Ministry of Trade and Industry, the GDP so far has an annualised decline of 0.4 per cent. However, this decline is better than what the experts anticipated. They expected a decline of 0.7 per cent but that wasn’t the case.
This means that the GDP was marginally better than what was expected. The Singaporean Dollar, too, traded 0.1 per cent lower against the US Dollar. Officials also do not expect there to be a technical recession at this point.
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Decline In GDP; Economy Still Doing Better than Expected
This particular news also means that the travel industry in Singapore hasn’t been suffering as much as the other industries. According to an article published by the Hindustan Times, the Singaporean economy relies heavily on trade and is therefore at risk from any commercial shocks that might happen.
Singapore’s foremost trading partner is China and there has been a significant decline in the outbound shipments with contractions in each month. However, despite the bleak global outlook, the travel industry is flourishing.
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