Singapore's Economy Grows Slower Than Forecast, PM Lee Optimistic for Stronger 2024 Economy

Singapore's economy grew 2.2% in the fourth quarter of 2023, falling short of both advance estimates and expectations, but marking a significant increase from the previous quarter. The overall 2023 growth of 1.1% was slower than in 2022, driven largely by the information and communications and transportation and storage sectors. The GDP growth forecast for 2024 was maintained at 1% to 3%, with expectations of strengthening barring further global shocks.