MTI raises Singapore’s 2024 economic growth forecast to around 3.5%

Its initial forecast was 1.0% to 3.0%.

The Ministry of Trade and Industry (MTI) expects Singapore’s economy to grow around 3.5% in 2024, exceeding its initial forecast of 1.0% to 3.0%.

MTI upgraded its growth forecast after the better-than-expected performance of the Singapore economy in the first quarters of the year.

In Q3, GDP expanded by 5.4% YoY, faster than the Q2 growth of 3.0%.

For the first three quarters of the year, GDP growth averaged 3.8% YoY.

In 2025, however, MTI expects Singapore’s GDP growth to ease slightly from 2024 due to slower growth among key trading partners, particularly the United States.

U.S. GDP growth is likely to moderate as consumption slows amidst easing labour market conditions, though investment growth may offer some support, said MTI.

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Ministry of Trade and Industry

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