ADB said the Singapore economy will grow 2.4 per cent in 2024, up from 1.1 per cent in 2023.
SINGAPORE - Singapore’s economic growth will accelerate over the next two years, boosted by stronger exports, while inflation will slow, the Asian Development Bank said on April 11.
MTI will release the advance GDP estimates for the first quarter of 2024 on April 12. On the same day, the Monetary Authority of Singapore will issue its quarterly statement on its Singapore-dollar policy stance. The growth momentum will continue into 2025, with GDP growth likely to pick up pace to 2.6 per cent in 2025.
Inflation in Singapore is expected to moderate to 3 per cent in 2024 and 2.2 per cent in 2025, the report also said. Dr John Beirne, ADB’s principal economist, said easing inflation in Singapore is in line with a broader trend across South-east Asia, where inflation will drop to 3.2 per cent in 2024 from 4.1 per cent in 2023.
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