Economy forecasted to grow by 2.4% in 2024: MAS survey

The city-state demonstrated resilience by expanding by 2.2% year-on-year in the fourth quarter of 2023.

Singapore's economy is expected to grow 2.4% in 2024, slightly higher than the previous year's 2.3%, as per data from the MAS Survey of Professional Forecasters.

In the fourth quarter of 2023, the economy demonstrated resilience by expanding by 2.2% year-on-year, surpassing the median forecast of 1.8% from the previous survey. 

Looking ahead to the first quarter of 2024, respondents anticipate a further increase, with a projected growth rate of 2.6% year-on-year.

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The most likely growth range for 2024 is between 2.0% and 2.4%, followed closely by 2.5% to 2.9%, according to analysts.

Moreover, GDP is expected to continue its upward trajectory in 2025, with a projected expansion of 2.5%.

Respondents also foresee the most probable growth falling between 2.5% and 2.9%, with an average probability of 33%.