TODAY-Dec 31, 2023
Singapore avoided a recession in 2023 with a 1.2 per cent growth in gross domestic product (GDP), Prime Minister Lee Hsien Loong said on Sunday (Dec 31) as he warned that the country must expect the external environment to be less favorable to its security and prosperity for “some years to come”. In what is set to be his last New Year message as prime minister, Mr Lee described 2023 as a “challenging year”, noting that the international environment remains “troubled” with underlying tensions between China and the United States, the Russia-Ukraine war and the Israel-Hamas conflict. He noted that the streets and neighborhoods are again “bustling with life”, while tourists are returning. “We made 1.2 per cent growth this year, avoiding a recession,” Mr Lee said. “But households are still feeling the pressure of higher cost of living, though inflation is gradually coming down. I hope the Government’s many assistance schemes have helped to relieve the burden on households.” For 2024, GDP growth is projected to come in at 1 per cent to 3 per cent as major global economies are expected to pick up gradually in the second half of the year, the ministry added. He noted that many larger societies have become divided and weakened as “difficult issues were not tackled directly and effectively, rival interest groups jostled against one another, and leaders put their own interests above the nation’s”. Singapore cannot afford to make the same mistakes, he said. Read more at: https://www.todayonline.com/singapore/singapore-economy-2023-prime-minister-lee-hsien-loong-new-year-message-2334586
