S’pore’s Economy Looks Like It Will Be Stronger 2024 Than 2023: PM Lee
Prime Minister Lee Hsien Loong has given a positive assessment of our economy this year, saying it will improve in 2024.
At least, it looks like it will be stronger than last year, he said.
This is despite the growth in 2023 being “not quite as high as we would have liked”.
PM Lee visited Ng Teng Fong General Hospital on 9 Feb
Mr Lee made these remarks about Singapore’s economy on Friday (9 Feb), the eve of Chinese New Year (CNY), as quoted by Channel NewsAsia (CNA).
He visited Ng Teng Fong General Hospital (NTFGH) that day and spoke to the media on the sidelines of his visit.
During the visit, he spoke with staff and union representatives, he said in a Facebook post.
Noting that healthcare and frontline workers can’t always spend festive occasions with their loved ones, he reminded Singaporeans to thank them for their service as we welcome the Year of the Dragon.
2023 was a steady year for the economy: PM Lee
On 2023, Mr Lee said it was a steady year where Singapore avoided a recession.
However, “growth was not quite as high as we would have liked”, he added.
In the PM’s New Year message for 2024, he said Singapore’s gross domestic product (GDP) grew by 1.2% in 2023. This was a drop from the 3.6% growth in 2022.
The GDP is projected to grow by 1% to 3% in 2024, he added.
2024 economy depends on external environment: PM Lee
As for this year, the Government is “not sure exactly how it will turn out” as it depends on the external environment, including a few factors:
- whether the United States (US) manages to cool down their inflation and avoid a recession
- whether China’s economy revives strongly or not
- whether the electronics industry, which is showing signs of revival, does so strongly
Wars and conflicts around the world could also affect the economy, Mr Lee said.
2024 should be stronger than 2023
That said, Mr Lee sounded a positive note by saying:
But as of now, from what we can tell, it looks like this year ought to be stronger than last year.
From the point of view of Singaporeans, companies and the Government, “we should be happy with that”, he added.
Good news on the way for families
In his CNY message for 2024, PM Lee encouraged Singaporean couples to have more babies since it’s the Year of the Dragon.
In order to help them do that, the Government could disburse more support for Singaporean families.
He said they had already supported them by introducing measures like flexi-work arrangements and baby bonuses.
For the upcoming Budget, which will be delivered by Deputy Prime Minister Lawrence Wong on 16 Feb, he teased that “good news” may be announced.
Mr Wong and his team have been “working hard” to do more in terms of support for families, the PM added, so he will leave him to announce it.
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Featured image adapted from @leehsienloong on X.
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