Singapore raises 2024 growth forecast, but expects economy to slow in 2025 amid global uncertainties
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SINGAPORE — Singapore's economy blew past estimates for third-quarter growth, leading the Government to raise its forecast for full-year 2024. But it also tipped growth in 2025 to slow to a range of 1 per cent to 3 per cent range, reflecting heightened glSingapore raises 2024 growth forecast, but expects economy to slow in 2025 amid global uncertainties
SINGAPORE — Singapore's economy blew past estimates for third-quarter growth, leading the Government to raise its forecast for full-year 2024. But it also tipped growth in 2025 to slow to a range of 1 per cent to 3 per cent range, reflecting heightened global uncertainties generated by Donald Trump's return to the White House, further escalation of conflicts in the Middle East and Ukraine and China's continuing slowdown. The official 2024 growth forecast was raised to 'around 3.5 per cent' from a previous range of 2-3 per cent, after third-quarter growth accelerated to 5.4 per cent — the strongest year-on-year growth since the fourth quarter of 2021 and higher than the 4.1 per cent initial estimate. The full-year upgrade marks a strong rebound from 2023 when the economy grew just 1.1 per cent.