For 2024, GDP growth will come in “closer to its potential rate of 2% to 3%”, according to Chia. “The output gap is expected to close by the end of the year.”
Against a backdrop of relatively supportive global growth and disinflation, Singapore’s growth momentum should strengthen this year, says Monetary Authority of Singapore (MAS) managing director Chia Der Jiun on July 18.
Speaking at the release of the central bank and regulator’s annual report for the financial year ended March 31, Chia says growth across the major sectors of Singapore’s economy is expected to “gradually return” to pre-pandemic norms.
