SINGAPORE, Feb. 16 (Xinhua) — Singapore is cautiously optimistic about 2024 and expects higher gross domestic product (GDP) growth at 1 percent to 3 percent, Deputy Prime Minister Lawrence Wong said on Friday.
Amid a troubled international environment and subdued global economy, Singapore’s economy grew by 1.1 percent last year and avoided a recession, Wong said while presenting the 2024 budget bill to the Parliament.
He noted that the global outlook for 2024 is mixed as major economies will be resilient while geopolitical risks continue to loom larger and may lead to disruptions in energy markets and supply chains.
Meanwhile, global inflation is expected to recede in 2024, and the electronics industry will recover. Asian economies, including China, India, and Southeast Asian countries, will continue to be a key driver of global growth, Wong said, noting that 2024 will be a better year for Singapore.Â
