Economists cut 2024 growth forecast for Singapore

They expect GDP to expand by 2.3% in 2024, down from the previous estimate of 2.5%. 

Economists and analysts have slightly become less positive about Singapore’s economic performance for 2024, the Monetary Authority of Singapore’s (MAS) Survey of Professional Forecasters unveiled.

According to the survey, experts have adjusted their predictions for Singapore’s full-year gross domestic product (GDP) growth to 2.3% from the previous 2.5% forecast in September 2023.

Based on MAS’ mean probability distribution of 2024 GDP growth forecasts, Singapore’s economy will likely grow by 2.0% to 2.9% next year.

For 2023, experts predict GDP to expand by 1.0%. 

Meanwhile, economists and analysts expect CPI-All Items (headline) inflation and MAS Core Inflation growths for 2024 to come in at 3.4% and 3.0%, respectively. 

The growth forecast for 2024 is lower than their expected headline inflation and MAS Core inflation for 2023 at 4.8% and 4.1%, respectively.