Singapore Prime Minister Lawrence Wong says most staff have seen wages outpace inflation.
Singapore’s economic system grew 4 % in 2024, comfortably beating forecasts, in accordance with preliminary authorities figures.
Gross home product (GDP) expanded 4.3 % within the October-December interval, Singapore’s Ministry of Commerce and Business stated on Thursday, lifting full-year development to its strongest efficiency since 2011, excluding the post-COVID-19 pandemic rebound in 2021.
Officers within the Southeast Asian nation had in November forecast development for the 12 months at about 3.5 %.
Manufacturing, a significant driver of the city-state’s export-reliant economic system, expanded 4.2 % within the final quarter, whereas development and companies grew 5.9 % and 4.3 %, respectively.
In a New Yr’s message, Singapore Prime Minister Lawrence Wong stated most staff had seen their wages outpace inflation and will count on to see their incomes proceed to rise.
“Not like in lots of developed international locations, we’re not suffering from unemployment and stagnant wages,” Wong stated.
Wong, nevertheless, acknowledged that Singapore’s economic system was not immune from geopolitical tensions, such because the wars within the Center East and Ukraine.
“Throughout many international locations, price of dwelling pressures proceed to weigh closely on households and communities. Folks really feel a deep sense of angst and anxiousness concerning the future,” he stated.
Singapore’s Commerce Ministry in November stated it anticipated development of between 1 and three % in 2025.
