Singapore set for manufacturing boom, modest income growth for banks

IN LATE 2023, we projected 4 per cent for Singapore’s 2024 gross domestic product (GDP) growth, which was notably more optimistic than the government’s initial 1 to 3 per cent forecast.

At the time, the estimate seemed ambitious.

However, through the course of the year, strong GDP results emerged in the second half. The government raised its forecast to 2 to 3 per cent in August, and then to around 3.5 per cent in November.