Singapore's Economy Exceeds 2024 Expectations, Announces Prime Minister Wong

Investing.com -- Singapore Prime Minister Lawrence Wong announced that the city-state's economy is performing better than expected in 2024. This strong economic performance provides a solid foundation for Singapore to navigate a more challenging global environment next year.

Singapore's gross domestic product (GDP) grew by 4% in 2024. This growth rate surpasses the previous forecast made by the trade ministry in November, which predicted an economic expansion of around 3.5%. Prime Minister Wong stated that the robust economy would allow for further increases in real incomes above the inflation rate.

In his first New Year message as the fourth Prime Minister of Singapore since the country's independence, Wong promised to steer the city amid rising global tensions while also addressing local livelihood issues.

Wong emphasized the government's commitment to providing additional targeted support for those struggling to keep up, particularly for the elderly and low-income groups. The speech published by the government included the statement, "No one will be left behind because we are all in this together."