Singapore’s economy is expected to grow by 1% to 3% in 2024 from the ongoing recovery in the travel and tourism industry, with the slump in manufacturing and trade-related sectors potentially coming to an end.
The Q3/2023 GDP of Singapore grew 1.1% YoY, exceeding the economists polled by Reuters and Singapore’s government estimation that expected the GDP to grow by only 0.7%.
The recovery in air travel and tourism is helping Singapore’s aviation and tourism-related sectors, such as air transport and accommodation. Service sector will receive a strong boost from the resilience of labor market conditions, and will also benefit the retail trade and food and beverage sector as well.
Electronics demand around the globe remains dull, given high inventory levels. Though Singapore’s manufacturing and trade-related sectors are likely to remain weak for the rest of 2023 because of a subdued demand from external factors, there are indications that the slowdown could be coming to an end in the near term.
