Growth driven by services, despite weaker manufacturing performance
Private-sector economists have raised their 2024 growth forecast for Singapore to 2.6%, up from the previous 2.4% in the latest survey by the Monetary Authority of Singapore (MAS), published on Sept 11, 2024.
However, the 2025 forecast remains unchanged at 2.5%. The revision reflects the strong performance of sectors such as finance, insurance, and wholesale trade, which have helped offset underperformance in the manufacturing sector, which has faced challenges and uneven recovery. Selena Ling, chief economist at OCBC, noted that while manufacturing growth has been inconsistent, the services sector has been more than capable of driving economic expansion.
