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Singapore economy grows 1.2 % in 2023
The Philippine Star
|January 02, 2024
Singapore's economy avoided a recession and expanded by 1.2 percent in 2023, Prime Minister Lee Hsien Loong said Sunday, warning, however, that geopolitical risks will weigh on this year's growth.
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The affluent city-state's economic performance is often seen as a barometer of the global environment because of its reliance on international trade.
"We made 1.2 percent growth in 2023, avoiding a recession," Lee said in his New Year's message.
For this year, growth is projected to come in at one to three percent "but much will depend on the external environment," he added, pointing to the continuing war in Ukraine and Israel's conflict with Hamas.
The economy has been hurt by softer global demand for its exports, with the return of air travel after the COVID pandemic boosting domestic growth.
Dit verhaal komt uit de January 02, 2024-editie van The Philippine Star.
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