Singapore expects 1% to 3% economic growth in 2024 as DPM presents 2024 budget bill in Parliament

Singapore DPM Lawrence Wong noted that the past year had not been easy, with a troubled international environment, subdued global economy and modest economic growth for Singapore. - PHOTO: MCI via The Straits Times

SINGAPORE (Xinhua): Singapore is cautiously optimistic about 2024 and expects higher gross domestic product (GDP) growth at 1 per cent to 3 per cent, Deputy Prime Minister Lawrence Wong said on Friday.

Amid a troubled international environment and subdued global economy, Singapore's economy grew by 1.1 per cent last year and avoided a recession, Wong said while presenting the 2024 budget bill to the Parliament.

He noted that the global outlook for 2024 is mixed as major economies will be resilient while geopolitical risks continue to loom larger and may lead to disruptions in energy markets and supply chains.

Meanwhile, global inflation is expected to recede in 2024, and the electronics industry will recover. Asian economies, including China, India, and Southeast Asian countries, will continue to be a key driver of global growth, Wong said, noting that 2024 will be a better year for Singapore.

"Though expecting the situation to improve this year, there are still more uncertainties in the outlook," Wong said, noting that the budget bill will invest more to support households.

The government will provide shopping vouchers, utility bill subsidies, and other living allowances to low-income groups this year to reduce the impact of inflation on households, he said.

Singaporean government will offer several supporting packages to reinforce its competitive advantages and improve industrial structures.

The financial sector will receive a 2-billion Singapore dollar top-up to extend the lead in financial services.

The government will invest more than 1 billion Singapore dollars in artificial intelligence in the next five years, Wong told the Parliament.

The government will also offer subsidies to encourage mid-career workers to refresh their skills and stay competitive as technology advances, according to the budget bill. - Xinhua

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