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Economists bump up Singapore’s 2024 growth forecast after Q3 surprise

At least two economists expect full-year growth to exceed official estimates of 2 to 3%

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Tessa Oh

Tessa Oh

Published Mon, Oct 14, 2024 · 07:31 PM
    • Factors driving the upgrade in forecast upgrade include the improving global and domestic economic landscape.
    • Factors driving the upgrade in forecast upgrade include the improving global and domestic economic landscape. PHOTO: YEN MENG JIIN, BT

    SINGAPORE’S economy exceeded expectations to grow 4.1 per cent year on year in the third quarter of 2024, indicated advance estimates by the Ministry of Trade and Industry (MTI), prompting some private-sector economists to raise their full-year growth forecasts.

    This comes as the Monetary Authority of Singapore (MAS) said separately that it expects 2024 full-year growth to come in around the upper end of the 2 to 3 per cent forecast range, after it held steady its monetary policy settings for the sixth consecutive meeting.

    Among the economists who bumped their 2024 growth forecasts up, at least two expect full-year growth to exceed MTI’s official estimate of 2 to 3 per cent.

    Singapore GDPSingapore economy

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