Singapore economy grows 4%, beating forecasts

Singapore Prime Minister Lawrence Wong says astir workers person seen wages outpace inflation.

Singapore’s system grew 4 percent successful 2024, comfortably beating forecasts, according to preliminary authorities figures.

Gross home merchandise (GDP) expanded 4.3 percent successful the October-December period, Singapore’s Ministry of Trade and Industry said connected Thursday, lifting full-year maturation to its strongest show since 2011, excluding the post-COVID-19 pandemic rebound successful 2021.

Officials successful the Southeast Asian federation had successful November forecast maturation for the twelvemonth astatine astir 3.5 percent.

Manufacturing, a large operator of the city-state’s export-reliant economy, expanded 4.2 percent successful the past quarter, portion operation and services grew 5.9 percent and 4.3 percent, respectively.

In a New Year’s message, Singapore Prime Minister Lawrence Wong said astir workers had seen their wages outpace ostentation and could expect to spot their incomes proceed to rise.

“Unlike successful galore developed countries, we are not plagued by unemployment and stagnant wages,” Wong said.

Wong, however, acknowledged that Singapore’s system was not immune from geopolitical tensions, specified arsenic the wars successful the Middle East and Ukraine.

“Across galore countries, outgo of surviving pressures proceed to measurement heavy connected families and communities. People consciousness a heavy consciousness of angst and anxiousness astir the future,” helium said.

Singapore’s Trade Ministry successful November said it expected maturation of betwixt 1 and 3 percent successful 2025.

Source

:

Al Jazeera and quality agencies