Singapore’s economy grew 4 percent in 2024, comfortably beating forecasts, according to preliminary government figures.
Gross domestic product (GDP) expanded 4.3 percent in the October-December period, Singapore’s Ministry of Trade and Industry said on Thursday, lifting full-year growth to its strongest performance since 2011, excluding the post-COVID-19 pandemic rebound in 2021.
In November, Southeast Asian government officials predicted annual growth of about 3.5%.
Manufacturing, a major driver of the city-state’s export-reliant economy, expanded 4.2 percent in the last quarter, while construction and services grew 5.9 percent and 4.3 percent, respectively.
According to Singapore’s Prime Minister Lawrence Wong, the majority of workers have seen their wages rise above inflation and can anticipate seeing their incomes rise in the coming year.
“Unlike in many developed countries, we are not plagued by unemployment and stagnant wages”, Wong said.
Wong, however, acknowledged that Singapore’s economy was not immune from geopolitical tensions, such as the wars in the Middle East and Ukraine.
“Across many countries, cost of living pressures continue to weigh heavily on families and communities. People are deeply concerned about the future, he said.
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