SINGAPORE’S economy ended 2023 on a stronger-than-expected note, after fourth-quarter growth surprised on the upside. But economists warned that the economy’s recovery trajectory in 2024 remains uncertain, given lingering global uncertainties.

In the year ahead, a still-elevated interest rate environment in the United States and Europe, and the slump in the Chinese economy are expected to weigh on external demand, they said.

Lingering geopolitical tensions – such as the ongoing US-China trade war – could also challenge recovery.