The Singapore Economy surpasses forecasts for 2024, but trade fears remain
Singapore, February 14, 2025 (BSS/AFP) – Singapore’s economy has risen more than expected last year. Data showed it was boosted by the trade and manufacturing sectors on Friday, but authorities warned of “a large cone of uncertainty.” Customs campaign.
City-state economic performance is often seen as a barometer of the global environment due to its heavily dependent on international trade, but is vulnerable to the standoffs caused by US President Donald Trump.
The 4.4% expansion recorded in 2024 was more than double the 1.8% seen in the previous year, exceeding the reserve 4.0% announced by the government in January.
The growth for the last quarter was 5.0%, surpassing preliminary estimates.
“Gross domestic product growth that year was driven primarily by the wholesale, finance, insurance and manufacturing sectors,” the Ministry of Trade said in a statement.
The province said manufacturing increased 4.3% over 12 months compared to a 4.2% contraction in 2023.
The ministry maintained a forecast of 1.0-3.0% of economic growth in 2025.
However, he warned of “increasing global economic uncertainty” amid the fear of a trade war, saying that economic growth will be facilitated for key trading partners.
“There is a huge cone of uncertainty surrounding the outlook for the US economy, and its trajectory depends on the policies of the new US administration,” he said.
The uncertainty surrounding the global economy “remains important and risks leaning towards the negative side,” the ministry warned, citing “a continuous trade friction formula between major economies.”
“The prolonged risk of escalation in geopolitical conflicts can lead to increased production costs and increased uncertainty in global economic policy,” he added.
“These could potentially weigh global growth and curb global investment and trade.”
Trump has announced various measures against its global trading partner since he took office to end what he says is a longtime country using the US.
