Singapore's economy projected to grow 1-3% this year
The Singaporean Ministry of Trade and Industry has forecast the country’s economic growth to range between 1-3% in 2025.
A corner of Singapore. Photo courtesy of AFP/VNA.
As per a report of the ministry, taking into account the performance of the economy in the fourth quarter, GDP growth came in at 4.4% for 2024 as a whole, faster than the 1.8% expansion in 2023. GDP growth for the year was mainly driven by the wholesale trade, finance and insurance and manufacturing sectors.
Since the Economic Survey of Singapore in November 2024, major economies in the world have remained resilient, performing largely in line with expectations in the fourth quarter of 2024 amidst rising global economic uncertainty.
Singapore’s external demand outlook for 2025 has also remained broadly unchanged, with overall GDP growth in Singapore’s key trading partners expected to ease from 2024’s level.
Taking into account the external and domestic economic environment, and barring the materialization of downside risks, the Singapore economy is projected to expand by 1-3% in 2025, said the report.
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