Saturday, November 9, 2024

Singapore’s GDP avoids recession and increases by 1.2%

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Singapore Prime Minister Lee Hsien Loong said on Sunday that Singapore’s economy had avoided recession and grew 1.2% last year, but warned that geopolitical risks would weigh on growth next year.

The city-state’s economic performance is often seen as a barometer of the global environment due to its dependence on international trade.

“This year we achieved 1.2% growth and avoided a recession,” Lee said in his New Year’s address.

Photo: AFP

Growth is expected to be between 1% and 3% this year, he said, but “a lot depends on the external environment,” pointing to the continued war in Ukraine and the conflict between Israel and Hamas.

The return of air travel after the coronavirus pandemic has boosted domestic growth, while weak global export demand has hurt the economy.

“We must expect the external environment to become unfavorable for our security and prosperity in the coming years. Geopolitical uncertainty will continue to weigh on the global economy,” Lee said. Ta.

“Tensions and risks exist in our region due to competitor claims in the South China Sea and cross-strait situations. These can impact regional confidence and, in turn, our growth.”

Maritime tensions are rising after China and the Philippines exchanged responsibility for a series of incidents in the area, including collisions between ships from the two countries.

Mr Lee also cited climate change as another challenge for the low-lying island nation.

“We are already feeling the effects,” he said. “Singapore needs to adapt and prepare for rising temperatures and sea levels, and move its economy to net-zero carbon emissions. It will be expensive and demanding.”

Mr Lee, who has been prime minister since 2004, called for unity as he prepares to hand over leadership this year to Singapore’s deputy prime minister Lawrence Wong, who is also finance minister.

“This is not the first time there has been a change in leadership, but any change is always delicate,” Mr Lee said, adding that “the ability of Singapore to continue to be successful and exceptional” will be subject to “close scrutiny”. I will accept it,” he added.

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