Singapore's Economy Expected to Grow 1-3% in 2024

Recovery in travel and tourism industry and potential end to manufacturing downturn contribute to positive outlook.

Singapore's economy is expected to grow by 1% to 3% in 2024, with a recovery in the travel and tourism industry and signs of an end to the downturn in manufacturing and trade-related sectors.
Singapore's third-quarter GDP grew 1.1% year-on-year, beating advance estimates and analysts' expectations.
The Ministry of Trade and Industry revised its Singapore GDP growth outlook for 2023 to 'around 1%', from 0.5% to 1.5% forecast earlier.
Growth in the U.S. and the eurozone is expected to moderate due to monetary policy tightening, while China's growth is likely to slow further amidst ongoing weaknesses.
An ongoing recovery in air travel and tourism is likely to support Singapore's aviation- and tourism-related sectors, while resilient labor market conditions will continue to support consumer-facing sectors.