Singapore GDP To Expand Faster Than Expected In 2024: MAS Survey

(RTTNews) - The Singapore economy is projected to expand slightly faster than previously estimated this year, according to the Survey of Professional Forecasters, released by the Monetary Authority of Singapore on Wednesday.

Gross domestic product is forecast to grow 2.4 percent in 2024, slightly faster than 2.3 percent projected in the previous survey.

For the next year, GDP growth is seen at 2.5 percent.

The survey respondents downgraded overall inflation outlook for 2024 to 3.1 percent from 3.4 percent in the December survey. At the same time, the outlook for core inflation was retained at 3.0 percent.

As for the labor market, the respondents forecast the unemployment rate to be 2.1 percent at year-end.

Respondents cited elevated inflation, rising geopolitical tensions, spillovers from China and global real estate market stresses as risks to the financial market and lending conditions in Singapore.