Singapore’s Prime Minister Lawrence Wong said the country’s economy performed better than expected in 2024, building a strong foundation for the city state to confront a more complex international environment next year.
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Gross domestic product expanded 4 per cent, Wong said in his New Year’s message. That beat the trade ministry’s November forecast for an expansion of around 3.5 per cent. The strong economy will allow real incomes to rise further to outpace inflation, Wong added.
In his first New Year message since becoming Singapore’s fourth prime minister since independence, Wong pledged to help the city navigate rising global tensions and to keep tackling livelihood issues at home.
“We will provide more targeted help to those who find it harder to cope, especially older people and lower-income groups,” Wong said, according to a copy of the speech released by the government. “No one will be left behind, because we are all in this together.”
Singapore is not immune from these global mood shifts and pressures, we remain a beacon of safety, security and stability in a troubled world
The 52-year-old Wong, who succeeded Lee Hsien Loong in May, said Singapore has overcome tough challenges in recent years, with median income rising by 2.2 per cent per annum above inflation over the past decade.
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