MTI said downside risks to the global economy remain significant.
The pace of growth for most sectors in the economy is expected to moderate from that in 2023, MTI said.
MTI said Singapore’s external demand outlook for 2024 has remained largely unchanged since its last review in November. MTI expects Singapore’s manufacturing and trade-related sectors to see a gradual pickup in growth in tandem with the turnaround in global electronics demand. The electronics and precision engineering industries in particular are projected to rebound, given the stronger-than-expected recovery in semiconductor sales.
Ms Selena Ling, OCBC’s chief economist, said 2023 marked the third straight year of growth since the 2020 pandemic-induced recession when growth was a negative 3.9 per cent. Within services, it was a bag of mixed fortunes - growth in the real estate industry more than halved and growth in the food and beverage services industry moderating.
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