SINGAPORE (Bloomberg): Singapore raised its growth forecast for this year as the economy is recovering faster than anticipated, though it cautioned on risks for 2025 given an expected barrage of tariffs from a new Trump administration.
The government upgraded its estimated 2024 expansion to around 3.5% from a previous range of 2%-3% suggesting Singapore’s recovery is well entrenched. It sees next year’s growth in a 1%-3% range, reflecting global volatility given likely trade tensions generated by Donald Trump’s presidency, China’s slowdown and other geopolitical fissures in the Middle East and Ukraine.
