Global GDP growth is anticipated to slow down in the near term but recovery is expected later in the year as policy rate cuts are imposed.
SINGAPORE: The Ministry of Trade and Industry has announced that Singapore’s gross domestic product growth forecast for 2024 will remain at 1% to 3%.
Since the MTI’s Economic Survey of Singapore in February, the global economic environment has shown resilience. While high interest rates may temporarily affect the US economy, it’s anticipated that easing monetary policies later in the year will stimulate growth. Geopolitical tensions, particularly in the Middle East or the war in Ukraine, could disrupt global supply chains and commodity markets, negatively impacting global trade and growth.Also, disruptions in the disinflation process could lead to prolonged tight financial conditions, exposing vulnerabilities in banking and financial systems.
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