Singapore Maintains 2024 Economic Growth View Despite Risks
- GDP growth this year expected to come in between 1%-3% range
- Geopolitics, diverging global monetary policy paths are risks
Singapore expects to benefit from improving US growth prospects and a stronger than anticipated expansion in China, while also penciling in gains from robust travel and tourism demand.
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Singapore maintained its economic growth outlook for 2024 as improving prospects for the US and China gave the city-state reason to look past risks from geopolitical tensions and diverging monetary policy paths globally.
The government kept the gross domestic product growth forecast for Singapore this year unchanged at 1% to 3%, while confirming that the economy’s first-quarter expansion was as fast as initially estimated, according to data from the Ministry of Trade and Industry on Thursday.