Singapore’s economy expanded by 4.0% in 2024, up from 1.1% growth in 2023, according to preliminary government data. Fourth-quarter GDP rose 4.3% year-over-year, surpassing a Reuters forecast of 3.3%.
Inflation eased to 1.9% in November, its lowest level in nearly three years, giving the central bank room to adjust monetary policy. Analysts predict the Monetary Authority of Singapore may wait until later in 2025 to act, citing potential shifts in U.S. policies under President-elect Donald Trump.
Despite slowing global growth, Singapore’s improved performance signals resilience, supported by strong manufacturing and services sectors.
