# Economic Outlook for Singapore in 2024

- Link: https://www.thailand-business-news.com/tech/ecommerce/126716-economic-outlook-for-singapore-in-2024
- Published: 2024-02-19T07:31:00+07:00
- Author: ASEAN Briefing

**Singapore forecasts modest economic growth of 1-3 percent in 2024, driven by factors
like recovering semiconductor sales and enhanced global connectivity.**

**The upcoming budget will prioritize economic diversification, innovation, and 
sustainability for sustained growth. In 2023, most sectors experienced year-on-year
growth except for retail trade, F&B services, professional services, and administrative
and support services. The finance and insurance sector saw the sharpest growth in
the fourth quarter.**

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## Understanding Singapore’s 2024 GDP Forecast

In 2024, Singapore is expected to see modest economic growth of 1-3% despite global
uncertainties. Key sectors like manufacturing and tourism are projected to rebound,
driven by factors such as recovering semiconductor sales and improved global connectivity,
showcasing Singapore’s economic resilience.

However, the Ministry of Trade and Industry (MTI) highlights persistent risks in
the global economy, including ongoing geopolitical tensions, which can potentially
disrupt global supply chains and trade, thereby affecting Singapore’s economy.

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## Upcoming Budget 2024

The upcoming Budget 2024, to be announced on February 16, is a critical turning 
point for Singapore’s economic strategy. It is anticipated that the budget will 
prioritize adapting to challenges and capitalizing on opportunities to foster a 
stronger and more resilient Singapore in an unpredictable world. Key focus areas
for the government are expected to include economic diversification, innovation,
and sustainability to position Singapore for sustained growth and prosperity amidst
evolving global dynamics.

## Economic Performance in 2023

In 2023, most sectors in Singapore experienced year-on-year growth, except for retail
trade, F&B services, professional services, and administrative and support services.
Despite the growth, downgrades were observed across all sectors compared to initial
estimates. The finance and insurance sector witnessed the sharpest growth in the
fourth quarter, driven by a surge in net fees and commissions, particularly in wealth
management income.

**Read the original article :** [Understanding Singapore’s 2024 GDP Forecast ](https://www.aseanbriefing.com/news/understanding-singapores-2024-gdp-forecast/?rand=93901)

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