Singapore: Singapore’s economy is set to grow by a higher-than-expected 4.0 per cent in 2024, according to Prime Minister Lawrence Wong.
Wong, who is also finance minister, said that with the strong economy, he expected the country’s real income to rise further.
“Unlike many developed countries, we are not plagued by unemployment and stagnant wages. Most workers have received pay increases that exceed inflation, making them better off in real terms.
“Over the past decade, average incomes have grown 2.2 percent a year ahead of inflation,” Wong said in his 2025 New Year message on Tuesday.
In November, the Ministry of Trade and Industry (MTI) said Singapore’s gross domestic product (GDP) growth for 2024 was projected to be around 3.5 percent.
The ministry will release its advance GDP estimates for the fourth quarter and all of 2024 on Thursday.
Looking to the future, the Prime Minister said he would outline the next steps for the Forward Singapore exercise in Budget 2025, which will be tabled in Parliament on 18 February.
He said that, among other things, the Government aims to sharpen Singapore’s economic competitiveness, create exciting opportunities and good jobs for Singaporeans, and continue to mitigate the impact of the cost of living.
“We will provide more targeted support to those who find it difficult to cope, especially older people and low-income groups. But we will not neglect other segments, including the middle-income and middle-aged, who are caring for both elderly parents and young children,” he said.
Wong highlighted that 2025 also marks the 60th anniversary of Singapore’s independence.
He said that while it is an occasion to celebrate, this milestone is actually a time for Singaporeans to reflect on their shared values, who they are and what they stand for.
“Importantly, this is an opportunity to imagine how we can shape our future together,” he said.
