IMF praises Singapore’s response to the Covid-19 pandemic

According to the IMF, the country’s economy was helped by a strong vaccination campaign, containment measures, and a robust policy support structure.

Singapore.- The International Monetary Fund (IMF) has issued a country report on Singapore, praising the country’s approach to the Covid-19 pandemic. The IMF stated: “Singapore’s skilful containment measures, effective vaccination campaign and decisive policy support helped the economy to recover impressively.”

However, the report notes that despite the country’s progress, the economy will most likely not return to pre-pandemic levels by this year. It is estimated that Singapore will have a GDP growth of 3.7 per cent in 2022, although inflation is forecast to be higher than 4.4 per cent.

Singapore announced the reopening of borders to all fully vaccinated travellers in April. The announcement brought a strong growth in the volume of air passengers arriving in the country. 

Authorities have reported that 1.5 million visitors arrived in the country in the first half and they expect the figure will be up by at least two-thirds in the second half of the year.

Singapore’s casino resorts start to see recovery

Marina Bay Sands has recently posted net revenue of US$679m, up 107.6 per cent year-on-year. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose by 184.8 per cent to US$319m.

Casino revenue increased 124.2 per cent year-on-year to US$500m. Rolling chip volume for VIP play was up 781.4 per cent to just over US$5.39bn. The casino operator reported that the mass-market chip drop was just under US$1.14bn, up 105.6 per cent.