Singapore Prime Minister Lawrence Wong says most employees have seen wages outpace inflation.
Singapore’s economic system grew 4 p.c in 2024, comfortably beating forecasts, in line with preliminary authorities figures.
Gross home product (GDP) expanded 4.3 p.c within the October-December interval, Singapore’s Ministry of Commerce and Business mentioned 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 yr at about 3.5 p.c.
Manufacturing, a significant driver of the city-state’s export-reliant economic system, expanded 4.2 p.c within the final quarter, whereas building and companies grew 5.9 p.c and 4.3 p.c, respectively.
In a New Yr’s message, Singapore Prime Minister Lawrence Wong mentioned most employees had seen their wages outpace inflation and will anticipate to see their incomes proceed to rise.
“In contrast to in lots of developed international locations, we aren’t stricken by unemployment and stagnant wages,” Wong mentioned.
Wong, nonetheless, 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, value of dwelling pressures proceed to weigh closely on households and communities. Folks really feel a deep sense of angst and nervousness in regards to the future,” he mentioned.
Singapore’s Commerce Ministry in November mentioned it anticipated development of between 1 and three p.c in 2025.
