Singapore’s economy grew 4%, beating forecasts. business and economy
Singapore’s Prime Minister Lawrence Wong says most workers’ wages have exceeded inflation.
Singapore’s economy is set to grow by 4 percent in 2024, better than forecasts, according to preliminary government data.
Singapore’s gross domestic product (GDP) is set to grow 4.3 per cent in the October-December period, expected to grow by 4.3 per cent in 2021, barring a rebound after the COVID-19 pandemic, Singapore’s Ministry of Trade and Industry said on Thursday. Full-year growth reached its strongest performance since.
Officials in the Southeast Asian nation had estimated in November that growth for the year would be about 3.5 percent.
Manufacturing, a key driver of the city-state’s export-dependent economy, grew 4.2 percent last quarter, while construction and services grew 5.9 percent and 4.3 percent, respectively.
In a New Year message, Singapore Prime Minister Lawrence Wong said most workers have seen their wages exceed inflation and can expect their incomes to continue to rise.
“Unlike many developed countries, we are not plagued by unemployment and stagnant wages,” Wong said.
However, Wong acknowledged that Singapore’s economy is not immune to geopolitical tensions such as the Middle East and the war in Ukraine.
“In many countries, the pressures of rising costs of living are taking a toll on families and communities. “People feel deep anxiety and worry about the future,” he said.
Singapore’s Trade Ministry said in November that it expected growth to be between 1 and 3 percent in 2025.
