Singapore cuts 2024 export growth forecast to 1% due to economic recovery challenges.

Singapore has reduced its 2024 export growth forecast for non-oil domestic exports (NODX) to 1% year-on-year, down from a previous estimate of 4-5%, due to a weaker economic recovery and challenges in pharmaceuticals and shipbuilding. Total merchandise trade growth is now projected at about 5%. The World Trade Organization expects global trade to improve in 2025, but risks remain from geopolitical tensions and economic uncertainties.

November 22, 2024
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