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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

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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.

    Singapore GDPSingapore economy

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