In Q4, Singapore experienced a slowdown in real GDP growth; however, the overall growth rate for 2024 reached 4.0%, surpassing previous expectations. This indicates a resilient economy, despite the challenges faced in the latter part of the year.
Looking ahead, the forecast for 2025 has been adjusted downwards to 2.2%. This revision reflects concerns about the global economic environment and its potential impacts on Singapore’s growth.
Overall, while 2024 shows promise, the reduced growth projection for 2025 highlights the uncertainties ahead for Singapore’s economy.
