The affluent city-state's economic performance is often seen as a barometer of the global environment because of its reliance on international trade.
"We made 1.2 percent growth in 2023, avoiding a recession," Lee said in his New Year's message.
For this year, growth is projected to come in at one to three percent "but much will depend on the external environment," he added, pointing to the continuing war in Ukraine and Israel's conflict with Hamas.
The economy has been hurt by softer global demand for its exports, with the return of air travel after the COVID pandemic boosting domestic growth.
Esta historia es de la edición January 02, 2024 de The Philippine Star.
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Esta historia es de la edición January 02, 2024 de The Philippine Star.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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Phl mineral production up 3% in 9 months
The value of the country's metallic mineral production from January to September last year grew by three percent on an annual basis to over P195 billion, driven by higher gold and copper sales.
Of PX goods and Korean marts
I will admit that I love imports. My love for US products started quite early in my childhood, surprisingly shaped by American cartoon strips - specifically Popeve
Rice imports hit record high in 2024
Total rice imports last year rose to a new all-time high of almost 4.7 million metric tons (MT) as the country turned to foreign supplies to plug its shortfall in domestic stocks and temper retail prices of the staple.
Nickel Asia exits Coral Bay amid volatile global market
The volatility in the global nickel market has promted Zamora-led Nickel Asia Corp. (NAC) to divest its minority stake in a nickel processing plant as it opts to focus on its upstream mining and renewable energy businesses.
Building classrooms
The moral mayhem over the pork-laden 2025 national budget brings up the question of whether we can trust the government to properly invest in the things we need to get our people out of poverty and the country out of a death spiral.
ERC OKs P101-B energy investments in 2024
The Energy Regulatory Commission (ERC) approved the implementation of energy projects worth P101 billion last year, aimed at improving electric service for nearly 200,000 customers nationwide.
PSEi Drops as December Inflation Quickens
The local stock market suffered its first loss of the year as investors pocketed gains from a three-day rally following a faster December inflation.
Inflation heats up to 2.9% in December
Inflation rose for the third straight month in December, driven by the faster uptick in housing and transport costs, but average inflation for 2024 remained within the government's two to four percent target.
Debt balloons to P16.09 T as of end-November
The country's outstanding debt reached another record high, hitting P16.09 trillion as of end-November last year amid the peso's depreciation against the dollar, the Bureau of the Treasury (BTr) said.
Ernest Cu: It's the perfect time to leave Globe
When Ernest Cu took the helm of Globe Telecom in 2009, he was an outsider in the industry, and the Ayala-led telco was struggling to find its footing in a cutthroat market.
