Singapore’s economy exceeded expectations for 2024, announced Prime Minister Wong Investing.com
Investing.com — Singapore’s Prime Minister Lawrence Wong announced that the city-state’s economy performed better than expected in 2024. This robust economic performance laid a solid foundation for Singapore to navigate a more challenging global environment in the coming year.
Singapore’s gross domestic product (GDP) is set to grow by 4% in 2024. This growth rate beat the commerce ministry’s previous forecast in November, which predicted economic growth of around 3.5%. Prime Minister Wong said that a strong economy will allow for further increases in real incomes, which will exceed the rate of inflation.
In his inaugural New Year’s message as Singapore’s fourth prime minister since the country gained independence, Wong vowed to lead the city through escalating global tensions while addressing domestic livelihood issues.
Wong stressed the government’s commitment to providing additional targeted assistance to those struggling to keep up, especially the elderly and lower-income groups. The government released a copy of his speech in which he declared: “No one will be left behind, because we are all in this together.”
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