SINGAPORE: Prime Minister Lee Hsien Loong stated on Friday, February 9, that Singapore’s economy should grow this year despite the current unpredictability.
Even if the government had hoped for higher growth last year, 2023 was still a “steady” year in which Singapore avoided recession.
We are unsure of the precise outcome for 2024 because it rests on America, namely on its ability to control inflation and prevent a recession. What happens in China will determine whether or not the economy recovers quickly. It also depends on the electronics sector, which is reviving as we speak, according to Mr. Lee.
However, based on current indications, this year will be more robust than the previous one. And we should be content with that from the perspective of Singaporeans, businesses, and the government.
Mr Lee spoke to reporters after a Chinese New Year visit to Ng Teng Fong General Hospital, where he showed his appreciation for healthcare workers.