Singapore Economy to Improve Owing to F1 Grand Prix and Tourism

In line with a GlobalData study, the retail industry in Singapore recovered quickly from the effects of 2020 and is expected to grow through 2026.

It will continue to improve as aviation and tourism return, as well as other major events such as the F1 Grand Prix.

Meanwhile, the study discovered that Singapore's online penetration has more than doubled in the last seven years, rising 6.1 percentage points between 2015 and 2022, and is higher than in other Southeast Asian countries.

Singapore also leads the way in online and offline channel integration, accounting for 57.6% of total spend in 2022.

 “This is supported by the easy accessibility of both online and offline channels; the country has high internet penetration, and its population is concentrated in urban areas,” read the study.