Despite global challenges, economists keep Singapore’s growth forecast steady for 2024
Economists have largely kept their 2024 growth forecast for Singapore between 1% and 3%, despite the country’s stronger-than-expected first-quarter GDP growth of 2.7%, surpassing the anticipated 2.5%. This marks a slight improvement over the 2.2% growth in the previous quarter.
On a seasonally adjusted quarterly basis, the economy grew by 0.1%, though slower than the prior quarter’s 1.2% increase. The quarterly performance exceeded the median expectation of a 0.3% contraction.
While global growth in major economies is expected to pick up later in the year alongside potential interest rate cuts, risks remain due to ongoing global economic uncertainties. The Ministry of Trade and Industry has reiterated its 2024 growth forecast, indicating a cautious but positive outlook for the remainder of the year.
