Singapore’s GDP growth for 2024 was projected at 2.4%, up from an earlier prediction of 2.3%.
Singapore's gross domestic product growth for 2024 was projected at 2.4 per cent, up from an earlier prediction of 2.3 per cent.
The respondents of the MAS survey also expected the economy to grow by 2.6 per cent on a year-on-year basis in the first quarter of 2024. MTI has projected that the Singapore economy would grow between 1 per cent and 3 per cent in 2024 as its trade-related sectors improve modestly. However, he added that his prediction hinges on better performance from external-oriented sectors in manufacturing, wholesale trade, and financial services, with travel-related services also providing some support.
Most of the forecasters were hopeful that both all-items inflation and core inflation – which excludes private transport and accommodation costs – would ease in 2024. The MAS estimates that both headline and core inflation are likely to average between 2.5 per cent and 3.5 per cent in 2024.