Singapore expects higher economic growth this year

Singapore is cautiously optimistic about 2024 and expects higher gross domestic product (GDP) growth, at 1%-3%, Deputy Prime Minister Lawrence Wong has said.

Amid a troubled international environment and subdued global economy, Singapore's economy grew by 1.1% last year and avoided a recession, Wong said while presenting the 2024 budget bill to the Parliament.

The global outlook for 2024 is mixed as major economies will be resilient while geopolitical risks continue to loom larger and may lead to disruptions in energy markets and supply chains, he noted.

Meanwhile, global inflation is expected to recede in 2024, and the electronics industry will recover. Asian economies, including China, India, and Southeast Asian countries, will continue to be a key driver of global growth, Wong said, noting that 2024 will be a better year for Singapore.

Singapore's Trade Ministry announced that its economy grew 1.1% in 2023, lower than the 1.2% forecast made previously by Prime Minister Lee Hsien Loong. It was the third straight year of growth since a recession in 2020 due to the COVID-19 pandemic, but lower than the 3.8% growth seen in 2022 and 8.9% in 2021./.

VNA