Singapore’s ability to avoid an economic recession hangs by a thread

8 months ago 53

SINGAPORE – Singapore is pinning its hopes of avoiding a recession on an expected rebound in travel-related businesses even though they account for a relatively small part of the economy.

Clusters such as travel, tourism, hospitality, food and beverage, and retail are part of the services sector, and together accounted for around 10 per cent of the gross domestic product (GDP) in 2019.

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