SINGAPORE: Singapore’s economy has shown significant signs of recovery in 2024, with nearly 60% of industries now operating at or above pre-pandemic levels, according to a recent report by the Monetar
y Authority of Singapore .
The recent surge in economic activity is attributed primarily to the performance of key industries like wholesale trade, water transport, storage, and financial services, which have been driven by increased global trade demand. This growth rate represents a notable rebound from 2023, when GDP increased at a modest 1.1%, well below Singapore’s typical growth rate.Following a period of sluggish performance in 2023 and early 2024, the sector recovered and reported above-average growth rates by the third quarter.
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