An overview of Singapore (Photo: Internet) Hanoi (VNA) – Singapore maintained its forecast for the economy to grow 1-3% in 2024, as it warned that downside risks to the global economy remain significant.
For 2023, the economy grew 1.1%, slowing from the 3.8% expansion in 2022, the Ministry of Trade and Industry said on February 15. The figure was below the 1.2% the official estimate made in January.
The ministry said Singapore’s external demand outlook for 2024 has remained largely unchanged since its last review in November.
However, the global economy still faces serious downside risks. These include the Israel-Hamas conflict, the lagged effects of monetary tightening stressing regional economies with external funding needs, and idiosyncratic cost shocks that could weaken the economic recovery momentum./.
