Singapore’s economic growth is expected to strengthen in 2024 to 3.7 percent, driven by an upturn in exports and resilient domestic demand.

Inflation continues to moderate, albeit at a slower pace. Headline inflation has remained on a downward trend, slowing from a peak of 7.5 percent in September 2022 to 2.0 percent in September 2024. Headline inflation for the year is forecast to be 2.8 percent. Monetary Authority of Singapore (MAS) core inflation is projected to be about 3.3 percent this year, down from 4.2 percent in 2023. The tight labor market continues to provide support to nominal wage growth, albeit with tentative signs of moderation in wage pressures. Despite some signs of easing, the labor market is expected to remain tight with job mismatches persisting in some pockets of the economy.