Singapore economy forecast to grow 1-3% in 2024

Marina Bay is seen against the backdrop of commercial buildings in Singapore. — AFP

SINGAPORE: The Singapore economy is expected to grow by 1.0 to 3.0 per cent in 2024 after taking into account global factors and barring the materialisation of downside risks, according to the republic’s Ministry of Trade and Industry (MTI).

In a statement today, MTI said Gross Domestic Product (GDP) growth rates in major economies such as the United States (US) and eurozone are projected to slow further in the first half of next year due to continued tight financial conditions, before picking up gradually in the second half.