Singapore Economy Sees Strong Growth in 2024
Singapore: The Singapore economy grew by 4.0% in 2024, marking its fastest annual growth since the pandemic recovery, up from 1.1% in 2023 and 3.8% in 2022, according to preliminary government data. Fourth-quarter GDP increased by 4.3% year-on-year, exceeding economists' forecasts, while quarter-on-quarter growth was 0.1%. Economists noted that factors such as supply chain shifts to Southeast Asia and frontloading shipments ahead of potential U.S. tariffs may support manufacturing growth in early 2025. Inflation, at 1.9% in November 2024, the lowest in nearly three years, provides room for potential monetary policy adjustments. Later this month, the Monetary Authority of Singapore will review its stance, presenting cautious growth forecasts for 2025 that range from 1.0 to 3.0%.
Source: Reuters