A trade official in Singapore with the comments:
- Global economic uncertainties have increased, including over policies of the incoming U.S. administration.
- Singapore electronics cluster projected to continue to expand, supported by strong global semiconductor demand.
- Trade tariffs could renew inflationary pressures, which could disrupt the pace of monetary easing.
- Not ruling out that GDP growth could exceed 3.5% in 2024
Data from earlier:
In the wake of the figures the Ministry of Trade and Industry upgraded Singapore’s 2024 GDP growth forecast to around 3.5% from 2.0%-3.0% previously.
- It has also forecast Singapore’s 2025 GDP growth at 1.0%-3.0%.
