Singapore's economy grew 4% in 2024, exceeding expectations: PM Wong

The collective effort of Team Singapore made all the difference, he says

- Chin Soo Fang

Singapore's economy grew 4 per cent in 2024, exceeding expectations, while median income has risen by 2.2 per cent per annum above inflation over the past decade.

Unlike in many developed countries, Singapore is not plagued by unemployment and stagnant wages. Most workers have received wage increases that outpace inflation, making them better off in real terms, said Prime Minister Lawrence Wong, who expects real incomes to rise further.

In his first New Year message on Dec 31 as prime minister, he said the collective effort of Team Singapore made all the difference - be it overcoming crises, supporting one another in times of need, or striving for excellence on the global stage.

This Team Singapore spirit must be carried into 2025 and beyond, said PM Wong, adding that he will set out the next steps of Forward Singapore in Budget 2025. The Budget speech will be delivered in Parliament on Feb 18.

Through Forward Singapore, policies will be revised, attitudes and mindsets reset, and the Singapore Dream refreshed.

"We will build a fairer and more inclusive society, where everyone is assured of opportunities to succeed, regardless of their starting points in life; where every one of us can realise our dreams, and live with dignity, security and hope for a brighter future," PM Wong said.

Rising geopolitical tensions, extreme weather events and natural disasters, and global inflation meant 2024 had been another eventful and turbulent year, he said. However, the Republic had tackled all challenges as Team Singapore, and distinguished itself amid turmoil and uncertainties.

"We remain a beacon of safety, security and stability in a troubled world.

"Our students continue to excel and learn, our businesses innovate and expand, and our workers adapt and embrace new opportunities in an ever-changing landscape," said PM Wong.