Singapore’s economy grows by 4%, surpassing forecasts | Business and Economics

Singapore Prime Minister Lawrence Wong says most workers have seen wages outpace inflation.

Singapore’s economy is set to grow by 4 percent in 2024, well ahead of forecasts, according to preliminary government figures.

Gross domestic product (GDP) grew 4.3 percent in the October-December period, Singapore’s Department of Trade and Industry said on Thursday, boosting full-year growth to its strongest performance since 2011, barring a post-Covid-19 pandemic outbreak in 2021. .

Officials in the Southeast Asian country forecast annual growth of about 3.5 percent in November.

Manufacturing, the main driver of the city’s export-dependent economy, grew by 4.2 percent in the last quarter, while construction and services grew by 5.9 percent and 4.3 percent, respectively.

In his New Year’s message, Singapore’s Prime Minister Lawrence Wong said most workers have seen their wages outpace inflation and can expect to see their incomes continue to rise.

“Unlike many developed countries, we are not worried about unemployment and stagnant wages,” said Wong.

Wong, however, admitted that Singapore’s economy was not immune to the country’s conflicts, such as the wars in the Middle East and Ukraine.

“In many countries, cost-of-living pressures continue to weigh heavily on families and communities. People feel bitter and worried about the future,” he said.

Singapore’s Ministry of Commerce said in November it expects growth of between 1 and 3 percent in 2025.