, Singapore
Photo by Hu Chen on Unsplash

Singapore's economic growth to accelerate in 2024: report

Experts expect the country's economy to grow by 2.7% in real terms next year.

Singapore will be amongst the countries that will see an acceleration in economic growth in 2024, according to Mastercard Economics Institute (MEI).

In a report, MEI said Singapore's economy will grow by 2.7% in real terms, up from 0.9% in 2023.

MEI said stabilisation in external trade will accelerate the growth of Singapore's economy in 2024.

Meanwhile, MEI also reported that in 2024, local consumers will reprioritise their spending to manage a higher cost of living and debt servicing. 

"Compared to 2019, Singapore consumers have allocated a smaller share of their wallets to discretionary spending and a larger share to essentials spending in 2023, reflecting a more prudent approach to managing their finances," MEI said, adding that this trend is especially evident among mass market consumers.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.