Singapore growth beats estimates, PM Wong pledges support amid global tensions
In 2024, Singapore’s economy grew by 4 per cent, with Prime Minister Wong pledging support for vulnerable groups and addressing cost-of-living challenges.
Gross domestic product expanded 4 per cent, Wong said in his New Year’s message. That beat the trade ministry’s November forecast for an expansion of around 3.5 per cent. The strong economy will allow real incomes to rise further to outpace inflation, Wong added.
In his first New Year message since becoming Singapore’s fourth prime minister since independence, Wong pledged to help the city navigate rising global tensions and to keep tackling livelihood issues at home.
“We will provide more targeted help to those who find it harder to cope, especially older people and lower-income groups,” Wong said, according to a copy of the speech released by the government. “No one will be left behind, because we are all in this together.”