Growth challenged by weak global outlook

Semiconductor surge: Ships and containers in Keppel Harbour, Singapore. Researchers say the country’s electronic exports are likely to remain on an uptrend. — Bloomberg

SINGAPORE: Subdued global growth and high interest rates that are deterring investment and consumption will hinder Singapore’s trade-dependent economy, according to a new report.

It estimated that the economy is set to expand by 2% in 2024, markedly under the forecast 2.6% growth for the world economy, which would be the slowest pace since the end of the pandemic.