Ministry of Trade and Industry of the Republic of Singapore

11/07/2023 | Press release | Distributed by Public on 11/08/2023 00:33

Written reply to PQ on Expected Performance of Singapore's Economy in 2023 and Areas for Growth Prognosis in 2024


Mr Neil Parekh Nimil Rajnikant:To ask the Minister for Trade and Industry (a) what is the expected overall performance of Singapore's economy in 2023; and (b) what are some of the key areas that will determine the growth prognosis of Singapore's economy in 2024.

Written Answer by Minister for Trade and Industry Gan Kim Yong

1. MTI expects GDP growth for the full year to come in within the official forecast range of 0.5% to 1.5%.2. Looking ahead to 2024, GDP growth is likely to pick up modestly on the back of sustained growth in our tourism- and aviation-related sectors, as well as a gradual turnaround in the manufacturing sector. Nonetheless, there are significant uncertainties and downside risks in the global economy. These include the risks of more persistent-than-expected inflation in the advanced economies, as well as escalations in the Israel-Hamas conflict, the war in Ukraine and geopolitical tensions among major global powers.3. MTI will announce the GDP growth forecasts for 2023 and 2024 later this month.