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Singapore pins GDP growth for 2024 between 1% and 3%

Nov 24, 2023 - 11:10 AM Author - Axios Credit Bank


The City-state usually expects the recovery of electronics demand subsequent to 1.1% of the expansion in the Q3

However, Singaporean government has also projected on Wednesday about their growth for the year 2024 to vary between 1% and 3%, since these are trade-oriented set of the economy which also expects a quick recovery in the demand of the international electronics.

On the other hand, the quarter of July-September, along with preliminary and the key figure that shows the 0.7% growth for year-on-year and it is also reported which is raised to the expansion of 1.1%.

Also, the government even expects the set of the growth of almost 1% for the year 2023 as compared with expansion of 3.6% in the year 2022.

Moreover, the prospects of the growth of manufacturing along with the sectors that are trade-related in Singapore are also expected to simply enhance the tandem with turnaround in the international demand in electronics " in the year 2024, Ministry of Trade & Industry with Singapore as mentioned in a statement.

With the growth of city-state's and results come at lower end related to the performance figures in Southeast Asia. Here, the economy of Thailand also grew with 1.5% in the third quarter, though even Malaysia as well as Indonesia also logged almost 3.3% as well as 4.9% of the expansion for similar set of period.

The data of the Official trade which is released for last week has also showed the benchmark of Singapore and non-oil national exports contracted 3.4% on-year in the month of the October, thereby marking 13th straight month related to contraction since electronics shipments as well as non-electronics shipments are well continued with the decline in the trend.

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