Singapore Prime Minister Lawrence Wong said most workers’ wages were above inflation.
Singapore’s economy will grow by 4% in 2024, comfortably exceeding expectations, according to preliminary government figures.
Singapore’s Ministry of Trade and Industry said on Thursday that gross domestic product (GDP) expanded by 4.3% in the October-December period, representing full-year growth excluding the recovery following the 2021 coronavirus pandemic. announced that the rate had been raised to the highest performance since 2011.
Officials in Southeast Asian countries in November predicted growth would be around 3.5% this year.
Manufacturing, the main driver of the city-state’s export-dependent economy, grew by 4.2% last quarter, while construction and services grew by 5.9% and 4.3%, respectively.
In his New Year’s message, Singapore’s Prime Minister Lawrence Wong said most workers knew their wages were outpacing inflation and that incomes could continue to rise.
“Unlike many developed countries, we do not suffer from unemployment or wage stagnation,” Wong said.
However, Mr Wong acknowledged that Singapore’s economy is not immune to geopolitical tensions such as the Middle East war and the Ukraine war.
“Cost of living pressures continue to weigh heavily on families and communities in many countries, leaving people feeling deeply anxious and anxious about the future,” he said.
In November, Singapore’s Ministry of Trade predicted that growth would be between 1% and 3% in 2025.
