Singapore’s economic growth to pick up pace in 2024
Singapore’s gross domestic product (GDP) growth should improve gradually next year while core inflation is expected to ease by December, according to the Monetary Authority of Singapore (MAS).
Singapore’s economic growth to pick up pace in 2024. (Photo: The Straits Times)
Singapore (VNA) – Singapore’s grossdomestic product (GDP) growth should improve gradually next year while coreinflation is expected to ease by December, according to the Monetary Authorityof Singapore (MAS).
In its semi-annual macroeconomic review, MAS saidthe economy avoided an outright recession as the domestic-oriented servicessector and travel-related industries offset the slump in manufacturing and theweaker financial sector with their above-trend growth after the end of COVID-19curbs.
The Singapore economy should benefit as the globaltech industry gradually emerges from its trough and global interest rates leveloff over 2024, MAS said.
It reiterated that for 2024 as a whole, Singapore’score inflation, which excludes accommodation and private transport costs, willslow to an average of 2.5% to 3.5%, The Strait Times reported.
MAS said core inflation, which is a better gauge ofprice increases most Singapore households face, is expected to edge up in thefirst quarter of 2024, reflecting the GST hike due on January 1, as well asincreases in the costs of water, electricity and public transport./.
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Singapore’s economic growth to pick up pace in 2024. (Photo: The Straits Times) 
