Singapore's economy grew 4% in 2024, exceeding forecasts. Due to strong GDP performance, officials lifted the full-year growth estimate to its best since 2011, barring the 2021 pandemic rebound.
Wong noted that most workers have seen wages surpass inflation and can anticipate further income growth. He emphasized that unlike many developed nations, Singapore faces neither unemployment nor stagnant wages.
Acknowledging global factors, Wong pointed out that geopolitical tensions pose risks to Singapore's economy. He noted the ongoing anxiety over cost of living pressures affecting families and communities.
Looking ahead, the Trade Ministry projected growth of 1-3 percent for 2025, reflecting a more cautious outlook amidst increasing global uncertainties.
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