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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Singapore GDP Growth (1961-2023)
Singapore's rapid industrialization post-independence drove high growth rates, peaking at 13.9% in 1970. Despite global crises in 1985, 1998, and 2008, Singapore managed swift recoveries, driven by trade and finance. The 2020 pandemic led to a -3.9% contraction due to disrupted trade, but recovery was swift with 9.7% growth in 2021. Growth slowed to 1.1% in 2023, reflecting global trade challenges and inflationary pressures impacting exports and investment.
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