SINGAPORE — Singapore on Tuesday upgraded its economic growth forecast for this year after beating expectations in the second quarter and on optimism that the manufacturing sector will gradually recover.
The trade ministry said it sees the export-driven economy growing 2.0 to 3.0 percent this year, compared with a previous projection of 1.0 to 3.0 percent.It grew 1.1 percent last year and 3.8 percent in 2022.
People walk out for a lunch break in the Raffles Place financial business district in Singapore on Aug. 13, 2024. Singapore’s trade ministry on Tuesday said it is upgrading its economic growth forecast for this year. AFP PHOTOThe city-state's economic performance is often seen as a barometer of the global environment because of its reliance on international trade.It grew 2.9 percent on-year in April-June, trade ministry data showed on Tuesday, better than the 2.
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