Singapore's GDP grew by more than 4% this year, says Prime Minister Lawrence Wong in his first New Year's message.
This year-end showing exceeded the most recent official forecast of "around 3.5%" indicated by the Ministry of Trade and Industry on Nov 22.
MTI will release on Jan 2 more details of how the economy did, as part of its 4Q2024 advance GDP report.
In his New Year's message, Wong notes that 2024 had been another eventful and turbulent year, no thanks to rising geopolitical tensions, extreme weather and natural disasters.
Global inflation, triggered following disruptions caused by the pandemic, has moderated. However, prices have not dropped back to pre-pandemic levels, he says.
In the coming Budget statement on Feb 18, 2025, Wong, who wears another hat as the finance minister, will unveil more targeted measures, especially for the elderly and the lower-income group.
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“We will sharpen our economic competitiveness to create exciting opportunities and good jobs for Singaporeans. We will continue to cushion the impact of cost-of-living increases,” says Wong.
