The city-state's trade ministry has adjusted its full-year growth forecast, narrowing the range to 2-3 percent from the previous 1-3 percent. This revision reflects increased confidence in the economy's trajectory.
On a quarter-to-quarter basis, accounting for seasonal factors, the economy grew by 0.4 percent from April to June.
Officials express cautious optimism about Singapore's economic outlook for the remainder of the year, anticipating resilient external demand. However, they acknowledge potential risks from geopolitical tensions, trade disputes, and prolonged tight financial conditions globally.
The manufacturing sector is expected to experience a gradual recovery in the latter half of the year, contributing to overall economic improvement.
Singapore's central bank, the Monetary Authority of Singapore (MAS), anticipates economic strengthening throughout 2024, with growth rates approaching the country's potential of 2-3 percent.
For context, Singapore's economy grew by 1.1 percent in 2023, a slowdown from the 3.8 percent growth recorded in 2022.
The MAS maintained its current monetary policy in its recent review, citing moderating inflation pressures and improving growth prospects as key factors in its decision.
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