Broadening recovery drives optimism despite moderating growth in tourism sectors.
Economists have raised Singapore’s 2024 GDP forecasts following better-than-expected growth in the first half of the year. The country’s GDP growth stood at 2.9% year-on-year in Q2, surpassing economists’ expectations of 2.7%. This follows a similarly strong growth rate of 3% in Q1. On a quarterly basis, GDP grew 0.4%, reflecting a slight improvement over the previous quarter’s 0.3%.
Despite a more moderate outlook for tourism-related sectors due to dissipating post-pandemic effects and rising competition, the broader economic recovery remains robust. Economists anticipate that Singapore will maintain its current monetary policy stance in the upcoming review, supported by the strengthening economic performance.
