Singapore upbeat about economic growth in 2024

A corner in Singapore (Photo: Nikkei)

Hanoi (VNA) – Singapore's economy grew by 1.2% last year, avoiding a recession amid a global economic slowdown stemming from high interest rates, according to preliminary data released by the Ministry of Trade and Industry on January 2.

The figure was slower than the 3.6% recorded in 2022, as the trade-reliant economy logged sluggish exports due to weaker demand from key trade partners like the US, Europe and China.

In the fourth quarter, the city-state's economic growth reached 2.8%, accelerating from the 1% expansion in the previous quarter.

Singapore's aviation and tourism-related sectors continued to benefit from a recovery in visitor arrivals. The export-driven manufacturing sector, particularly the electronics industry, faced weaker demand from major trading partners but began to log growth in the final quarter.

The island state projected its growth for 2024 to come in between 1% and 3% with expectations of recovery in semiconductors and other exports./.