Business investment into Singapore dropped 31% in 2021, Covid blamed

Business investment commitments into Singapore dropped about 31% last year, marking the first decline in five years and after hitting a more than decade high in 2020, government data showed on Wednesday.

Commitments for investments in fixed assets such as facilities, machinery and other equipment shrank to $11.8 billion ($8.78 billion) in 2021, but remained above a medium-to-long-term goal of S$8 billion to $10 billion, according to the Economic Development Board (EDB).

"2021 was an unusual year, (there were) many disruptions as a result of Covid...the numbers in 2020 were actually quite exceptional. And we did not expect to repeat