This growth is also due to a strong recovery in international visitor arrivals
SINGAPORE: International travel was one bright spot, and perhaps even a saving grace for the economy, based on a May 25 report from the Ministry of Trade and Industry ofIt showed that Singapore’s economy grew by 0.4 per cent year-on-year in the first quarter, following the 2.1 per cent expansion from the previous quarter.
And while overall, the transportation and storage sector has slowed, air transport and land transport have expanded, with the former especially due to the recovery of international travel. MTI added in its report that the growth outlook for the aviation- and tourism-related sectors of the Singapore economy remains positive, given the ongoing recovery in international air travel and inbound tourism.
The ministry also wrote that it expects the economic growth to be between 0.5 to 2.5 per cent for this year.
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