Singapore narrows 2024 GDP growth forecast to 2% to 3%

Growth of 1 per cent to 3 per cent was forecast previously.

Office workers in the central business district of Singapore. SINGAPORE: Singapore has narrowed its gross domestic product growth forecast for 2024 to 2 per cent to 3 per cent, the Ministry of Trade and Industry said on Tuesday , following a better than expected first half of the year.

Consumer-facing sectors such as retail trade and food and beverage services shrank, in part because of increased outbound travel by locals. Looking ahead, US economic growth is expected to ease, with consumption growth slowing as the labour market weakens.

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