Singapore's 2024 Growth Forecast Slashed by Economists

14 Dec, 2023

Singapore's 2024 Growth Forecast Slashed by Economists

The insights gleaned from the Monetary Authority of Singapore’s (MAS) Survey of Professional Forecasters provide a comprehensive view of economists' revised expectations for Singapore's economic trajectory.

Amidst this evaluation, economists and analysts have slightly recalibrated their optimism regarding Singapore's economic prospects for the upcoming year, marking a subtle adjustment in their assessments. This revision comes in light of a tempered outlook revealed in the adjusted forecast for Singapore's full-year gross domestic product (GDP) growth, now projected at 2.3%. This figure represents a marginal dip from the previously anticipated 2.5%, as predicted in September 2023.

MAS' mean probability distribution further outlines the anticipated range for Singapore's economic growth in 2024, indicating a spectrum between 2.0% and 2.9%. Such statistical insights offer a nuanced understanding of the potential trajectories and factors that may influence Singapore's economic landscape in the forthcoming year.

Comparatively, the prognosis for 2023 stands at a projected GDP expansion of 1.0%, providing a baseline for assessing the economic evolution over the following year.

Inflation expectations for the year 2024 have been outlined by economists and analysts, indicating an envisaged CPI-All Items (headline) inflation of 3.4% and MAS Core Inflation at 3.0%. However, it's noteworthy that these growth projections for 2024 fall below the expected headline inflation and MAS Core inflation for the preceding year, pegged at 4.8% and 4.1%, respectively.

These insights from the MAS Survey of Professional Forecasters paint a detailed picture of the economic forecasts and the sentiments prevalent within the realm of economic analysis in Singapore. The nuanced adjustments made by economists and analysts highlight the dynamic nature of economic forecasting and the ongoing assessments of Singapore's economic performance in the foreseeable future.