The median forecast of 23 economists surveyed by the Monetary Authority of Singapore is for the economy to grow 2.4% this year. — Reuters
SINGAPORE: Economists have upgraded Singapore’s 2024 growth forecast, according to a survey by the country’s central bank published yesterday, with better-than-expected external growth seen as the top upside driver for the economy.
The median forecast of 23 economists surveyed by the Monetary Authority of Singapore (MAS) is for the economy to grow 2.4% this year, up from a forecast of 2.3% in December’s survey.
The trade ministry expects gross domestic product (GDP) for 2024 to be at 1% to 3%.
The economists surveyed also cut their inflation forecast, with headline inflation and core inflation expected to come in between 3% and 3.4%.
In the December survey, they had assigned the highest probability to the 3.5%-3.9% range for headline inflation and 3% to 3.4% for core inflation. — Reuters
