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Singapore’s economy grows 1.2% in 2023



Singapore’s Prime Minister Lee Hsien Loong reported a 1.2% economic growth in 2023, with a forecast of 1-3% growth in 2024, dependent on global conditions. He cautioned about ongoing international challenges, but remained optimistic, emphasising the government’s dedication to its citizens. 2024 will mark a leadership shift as Deputy Prime Minister Lawrence Wong assumes the Prime Minister role. Lee stressed the importance of this transition and called for national support for the new leadership to build a robust and inclusive Singapore. The country successfully adapted to living with Covid-19, exiting the pandemic with economic recovery, despite ongoing inflation pressures. PM Lee highlighted external challenges like geopolitical tensions and climate change, but expressed confidence in technological advancements and Singapore’s comprehensive approach to social and economic issues.

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