SINGAPORE - Private-sector economists maintained their 2024 outlook for Singapore, but switched the main drivers of growth from manufacturing and exports to finance and insurance.
Conversely, the finance and insurance sector was tipped to grow at 5.1 per cent, up from 3.4 per cent in the March survey. In the MAS survey, spillovers from geopolitical tensions emerged as the most cited downside risks to the outlook for Singapore’s export-driven economy. Most of the forecasters remained hopeful that Singapore’s all-items inflation and core inflation – which excludes private transport and accommodation costs – would ease in 2024 from levels in 2023.
The MAS estimates that both headline and core inflation are likely to average between 2.5 per cent and 3.5 per cent in 2024.Singapore’s economic growth slows quarter on quarter but gradual pickup still likely