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Economists’ 2024 growth forecast for Singapore rises to 2.6%, but manufacturing expectations fall: survey

Median forecasts for both headline and core inflation fall slightly, but most of those surveyed still expect no MAS moves this year

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Elysia Tan

Elysia Tan

Published Wed, Sep 11, 2024 · 12:00 PM — Updated Wed, Sep 11, 2024 · 06:33 PM
    • The latest expectations for full-year growth and inflation remain in line with official forecasts.
    • The latest expectations for full-year growth and inflation remain in line with official forecasts. PHOTO: BT FILE

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    PRIVATE-SECTOR economists’ median forecast for full-year 2024 growth rose to 2.6 per cent, from 2.4 per cent previously, in the latest quarterly survey of professional forecasters published by the Monetary Authority of Singapore (MAS) on Wednesday (Sep 11).

    But the median forecast for 2025 growth was unchanged at 2.5 per cent.

    The 2024 consensus upgrade was not a surprise, said OCBC chief economist Selena Ling. “While the manufacturing recovery has disappointed in terms of its fits and starts for the year to date, the services sector, (and especially the) finance and insurance and wholesale trade sectors, are more than (picking) up the slack.”

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    Singapore GDPSingapore inflationSingapore economyEconomic growthSingapore manufacturingSingapore services

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