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Economists upgrade Singapore’s economic outlook for 2024

Private-sector economists have slightly upgraded Singapore’s 2024 economic growth forecast to 2.4%, a small increase from the previous 2.3%, according to a Monetary Authority of Singapore (MAS) survey published on March 13. Meanwhile, the headline inflation expectation for 2024 has been revised down to 3.1% from 3.4%, with core inflation projections remaining steady at 3%. The adjustment in inflation forecasts is partially attributed to lower Certificate of Entitlement premiums. The survey, which reflects the views of 23 respondents from the professional forecasting community, also indicates a more optimistic outlook for manufacturing but a less favourable view on accommodation and food services growth. This updated economic and inflation outlook aligns closely with official government projections.


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