Finance Minister Lawrence Wong Highlights Geopolitical and Economic Challenges in 2024
Finance Minister Lawrence Wong emphasized the importance of the Forward Singapore initiative as a critical road map for navigating a less stable and favorable external environment, as the country faces ongoing geopolitical risks and an unpredictable global economy. In his Budget 2024 speech, Wong acknowledged that while Singapore’s economy grew by 1.1% in the previous year, the outlook for 2024 remains uncertain due to tensions such as the wars in Europe and the Middle East.
Despite resilient growth in major economies, Wong pointed out that the economic forecast for 2024 is mixed, with global inflationary pressures expected to ease and room for central banks to adjust their policies. He expressed cautious optimism for 2024, forecasting a GDP growth of 1% to 3%, while acknowledging that Singapore will need to adapt to a new era of global conflict and unpredictability.
The challenges posed by a fragmented and violent world order will require Singapore to carefully navigate external uncertainties. Wong reinforced the government’s readiness to address these challenges through enhanced measures and strategic planning in the coming years.
