Singapore economy outperforms 2024 expectations, PM Wong announces

Investing.com — Singapore’s Prime Minister Lawrence Wong announced that the city-state’s economy performed better than anticipated in 2024. This robust economic performance has laid a solid foundation for Singapore to navigate a more challenging global environment in the coming year.

The gross domestic product (GDP) of Singapore expanded by 4% in 2024. This growth rate surpassed the trade ministry’s previous forecast in November, which predicted an economic expansion of around 3.5%. Prime Minister Wong stated that the strong economy would facilitate a further increase in real incomes, which would surpass the rate of inflation.

In his inaugural New Year’s message as Singapore’s fourth prime minister since the country gained independence, Wong pledged to guide the city through escalating global tensions while also addressing domestic livelihood issues.

Wong emphasized the government’s commitment to providing additional targeted assistance to those who struggle to keep up, particularly the elderly and lower-income groups. The government released a copy of his speech in which he stated, “No one will be left behind, because we are all in this together.”

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