Economy
MAS Survey: Singapore’s 2024 GDP growth forecast set at 2.4%
Economists raised growth expectations for Singapore’s export-driven economy, citing hopes for global demand pickup, electronics sector recovery, and robust growth in China. The Monetary Authority of Singapore projected GDP growth for 2024 at 2.4%, up from 2.3%.
SINGAPORE: Private-sector economists have raised their growth expectations for Singapore’s export-driven economy in 2024, citing hopes for a pickup in global demand, recovery in the electronics sector, and more robust growth in China.
The Monetary Authority of Singapore (MAS) released a quarterly survey of professional forecasters on Wednesday (13 March), projecting the city-state’s gross domestic product (GDP) growth for 2024 at 2.4 per cent, up from an earlier prediction of 2.3 per cent.
According to the Ministry of Trade and Industry (MTI), the economy grew by 1.1 per cent in 2023, down from the 3.8 per cent growth recorded in 2022.
The MAS survey respondents also anticipate a 2.6 per cent year-on-year growth for the first quarter of 2024.
The majority of economists participating in the survey identified better-than-expected global growth for 2024 as the primary upside for Singapore’s economic outlook.
However, they also highlighted potential risks such as slower external growth, increased geopolitical tensions, inflationary pressures, and concerns about Chinese growth prospects.
MTI has projected a modest improvement in trade-related sectors, estimating the Singapore economy to grow between 1 per cent and 3 per cent in 2024.
Nevertheless, they cautioned that higher interest rates and a slower-than-expected Chinese economy could weigh on global growth.
DBS Bank’s economist, Chua Han Teng, expects Singapore’s GDP growth to recover to 2.2 per cent in 2024, contingent upon better performance from external-oriented sectors such as manufacturing, wholesale trade, and financial services.
However, he warned of fragility due to uncertainties stemming from high-interest rates, conditions in China, and geopolitical risks.
Looking ahead to 2025, the MAS survey respondents projected GDP to expand by 2.5 per cent.
They expressed optimism that both all-items inflation and core inflation would ease in 2024, with median forecasts indicating decreases from previous surveys.
Regarding the labor market, respondents anticipated an unemployment rate of 2.1 per cent by the end of 2024, consistent with previous expectations.
Ministry of Manpower data showed overall unemployment averaging 1.9 per cent in 2023.
In terms of monetary policy, none of the respondents expected changes in MAS’ tight stance in the April 2024 review.
However, some predicted a gradual shift towards easing in subsequent reviews starting from July and October.
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MAS – My Ass Speaks.
What does this do for citizen? GDP should not be used to measure the wealth of a country. It should be the no. of assets held by citizens. 80% in public housing says it all. We have a failed govt. in power.
Stupendous news indeed !!! With actual growth on the island forecasted !!! Plus hdb’s are becoming more accessible and more affordable !!! Coe’s coming down every alternate month, … by the odd dollar or five !!! GST vouchers and chicken wings to offset cost of living crisis !!! Taylor Swift performed exclusively in SillyPore, … and boosted the SillyPore economy no end !!! Another day of bright and beautiful sunshine on the island !!! It’s all bloody great news for the dot, … that’s red with pride and patriotism, all made possible by the bestestest government on planet earth !!!… Read more »
Those days, 70s 80s When There WASN’T WASN’T Any single GHOST of a Foreign Trash – Dedicated Ministers, Sacrificing and Hardworking managed SG economy GROWING 5, 7 percents.
Nowadays all these BIG TIME GREEDY PAP alligators, snakes, crocodiles MANAGE NOT even half of the 5 or 7 per cents, with ARMIES of FakeTalents number 100s of 1000s.
GREED GREED GREED PAP.
With all the :
1. BIG TIME briberies,
2. Bungalow Corruption,
3. EP Qualifications CORRUPTED BackDating to Suit PAP, THARMAN,
4. Sky High Inflation,
5.UNREASONABLE GST increases,
6. EXCELLENT Money Laudering –
BRING it On. SG will DO a Pakatan Harapan.
UMNO was WONDED, SO is PAP Administration SOON licking it’s WOUNDS.
PAP MUST B CANCELLED.
Our Children FUTURE at STAKE.
All those millionaires and billionaires invited in to be NCs and parking their hot money in SG must have had some impact too…
Hot General Elections 2024 rumours getting thrown about..
So the news about the economy oso must be optimistic , lor.
If gov not pumping over $20 billion in civil engineering and infrastructure works. If gov not mass importing so many new citizens and new PRs each year, do you think our pathetic GDP can become positive?
So are the lives of ordinary people there better off with nicer GDP? Maybe a small percentage, the rest are actually suffering more and more
How many new citizens and new PRs needed to be imported last 2 years in order to try to hit 2.4% GDP growth?
Almost 2% more new citizens and new PRs last 2 years alone. This year another 55k to 60k? That make it almost 3% more new aliens just to try getting 2.4% GDP growth?
Creating stress on our healthcare capacities, housing price surge and crowded public transportations.