Singapore maintained its forecast for the economy to grow 1 per cent to 3 per cent in 2024, as it warned that downside risks to the global economy remain significant.
For 2023, the economy grew 1.1 per cent, slowing from the 3.8 per cent expansion in 2022, the Ministry of Trade and Industry (MTI) said on Feb 15. The figure was below the 1.2 per cent official estimate made in January.
Growth in the final quarter of 2023 came in at 2.2 per cent year on year, down from the 2.8 per cent initially estimated.
It missed analysts' average forecast of 2.5 per cent growth, as polled by Bloomberg.
MTI said Singapore's external demand outlook for 2024 has remained largely unchanged since its last review in November.
"Growth in the advanced economies is expected to moderate in the first half of the year, mainly due to continued tight financial conditions, before recovering gradually in line with an expected easing of monetary policy as inflationary. pressures recede," said Dr Beh Swan Gin, MTI's permanent secretary for development, at a media briefing following the release of the Economic Survey of Singapore 2023.
Regional economies are expected to see a pickup in growth in the year ahead, supported in part by the turnaround in global electronics demand, he added.
However, the global economy still faces serious downside risks.
Denne historien er fra February 16, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 16, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
'Football died' when Klopp joined Red Bull
BERLIN - Jurgen Klopp's decision to join Red Bull as their Global Head of Soccer has sparked strong reactions from many German fans.
ALCARAZ IN 'CRAZY' LOSS TO MACHAC
Spaniard can’t believe opponent’s level after defeat scuppers rematch with Italian Sinner
New arrivals at FIA after high-profile departures
LONDON Formula One's governing body announced two senior appointments after headline departures triggered talk of an exodus from the International Automobile Federation (FIA) led by Emirati Mohammed Ben Sulayem.
OLYMPIC RINGS OF FIRE OVER EIFFEL TOWER
French minister plans to wrest control of landmark from Paris mayor amid logo row
EVEREST CLIMBS TO GROUP 1 HEIGHTS
World’s richest sprint race gains recognition at its eighth running, as well as All-Star Mile
Heat stress Different work conditions require flexible guidelines on workers' attire
We thank Mr Rahul Gupta for his suggestions (Study standard heat-friendly work clothes for outdoor workers, Oct 8).
Airbus deliveries drop as suppliers struggle
PARIS Airbus deliveries fell 9 per cent in September to 50 jets compared with the same month in 2023, the European planemaker said on Oct 9, rekindling a debate over the strength of its industrial goals as suppliers struggle to keep up with demand.
Mental health ambassadors at all PAP branches by 2025
By 2025, all 93 People's Action Party (PAP) branches will have mental health ambassadors to promote mental well-being in every neighbourhood and support the work of MPs in addressing residents' mental health concerns.
Zelensky says there is 'real chance' to end war in 2025
He did not reveal how this could happen but is counting on support from key allies
Prabowo defends plan to expand government with ‘fat' Cabinet
JAKARTA Indonesia's Presidentelect Prabowo Subianto has defended his plan to expand government agencies, saying it is needed for a strong administration even if critics call it a \"fat\" Cabinet that will bloat the bureaucracy.