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SINGAPORE — Singapore's economy grew four per cent in 2024, exceeding expectations, while median income has risen by 2.2 per cent per annum above inflation over the past decade. Unlike in many developed countries, Singapore is not plagued by unemployment aPM Wong on economy growth, increase in median income and Team Singapore spirit in 1st New Year message
SINGAPORE — Singapore's economy grew four per cent in 2024, exceeding expectations, while median income has risen by 2.2 per cent per annum above inflation over the past decade. Unlike in many developed countries, Singapore is not plagued by unemployment and stagnant wages. Most workers have received wage increases that outpace inflation, making them better off in real terms, said Prime Minister Lawrence Wong, who expects real incomes to rise further. In his first New Year message on Dec 31 as prime minister, he said the collective effort of Team Singapore made all the difference — be it overcoming crises, supporting one another in times of need, or striving for excellence on the global stage. This Team Singapore spirit must be carried into 2025 and beyond, said PM Wong, adding that he will set out the next steps of Forward Singapore in Budget 2025. The Budget speech will be delivered in Parliament on Feb 18. Through Forward Singapore, policies will be revised, attitudes and mindsets reset, and the Singapore Dream refreshed. Read more
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