The Business Times
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Economists stick to 2025 Singapore growth outlook, but warn of downside risks

External headwinds could include Trump’s expected tariff plan, rise in geopolitical tensions

Tessa Oh

Tessa Oh

Published Thu, Jan 2, 2025 · 06:36 PM
    • Singapore’s economy expanded 4% year on year in 2024, better than the official forecast of “around 3.5%”.
    • Singapore’s economy expanded 4% year on year in 2024, better than the official forecast of “around 3.5%”. PHOTO: BT FILE

    PRIVATE-SECTOR economists largely kept to their 2025 growth forecasts for Singapore, after the fourth-quarter and full-year 2024 gross domestic product figures exceeded market expectations.

    Yet they also warned of significant downside risks to the outlook, such as United States president-elect Donald Trump’s tariff plan and intensification of geopolitical tensions.

    “Growth momentum in trade-related sectors – including manufacturing – should be sustained into early 2025, supported by the ongoing upturn in the electronics cycle, with tailwinds from some front-loading of exports and the attendant ramp-up of production ahead of Trump’s proposed tariffs on US imports,” said UOB associate economist Jester Koh.

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