Posted 12/31/2023, 10:00:21 AM
Singapore Avoids Recession But Braces for Slower Growth Amid Global Headwinds
- Singapore's economy grew 1.2% in 2023, avoiding a recession, but slower growth expected in 2024 amid challenging external environment
- Cost of living remains high for households; inflation expected to come down further in 2024
- Technological progress presents opportunities for businesses to upgrade and transform; government to help workers upskill and reskill
- Leadership transition as DPM Lawrence Wong takes over as PM in 2023; PM urges support for 4G leaders amid close scrutiny
- Maintaining racial and religious harmony fundamental as Singapore deals with reactions to Israel-Hamas conflict