2024: ADB predicts Singapore's GDP growth to rise to 2.4%, driven by exports and domestic demand; inflation to moderate to 3% from 4.8%.
The Asian Development Bank (ADB) forecasts Singapore's gross domestic product (GDP) growth to accelerate to 2.4% in 2024, up from 1.1% in 2023. The growth is expected to be driven by stronger exports and resilient domestic demand. Singapore's inflation rate is projected to moderate to 3% in 2024 from 4.8% in 2023 due to reduced accommodation costs, lower oil prices, and normalizing food prices.
April 11, 2024
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