Singapore is forecasted to have 1-3% economic growth in 2024, with a focus on diversification, innovation, and sustainability in the upcoming budget. Despite growth in most sectors in 2023, there were some downgrades, with finance and insurance seeing the sharpest growth.
Singapore’s 2024 GDP Forecast
The economic forecast for Singapore in 2024 anticipates modest growth of 1-3%, driven by the recovery of semiconductor sales and enhanced global connectivity. Despite global uncertainties, key sectors like manufacturing and tourism are expected to rebound, showcasing Singapore’s economic resilience.
Upcoming Budget 2024
The upcoming budget for 2024, set to be announced on February 16, emphasizes the priorities of economic diversification, innovation, and sustainability for sustained growth. This is a critical turning point for Singapore’s economic strategy in adapting to challenges and capitalizing on opportunities amidst evolving global dynamics.
Economic Performance in 2023
In 2023, all sectors in Singapore experienced year-on-year growth, except for retail trade, F&B services, professional services, and administrative and support services. The finance and insurance sector saw the sharpest growth in the fourth quarter, driven by a surge in net fees and commissions, particularly in wealth management income.
