Singapore's economic growth to accelerate in 2024: report

Experts expect the country's economy to grow by 2.7% in real terms next year.

Singapore will be amongst the countries that will see an acceleration in economic growth in 2024, according to Mastercard Economics Institute (MEI).

In a report, MEI said Singapore's economy will grow by 2.7% in real terms, up from 0.9% in 2023.

MEI said stabilisation in external trade will accelerate the growth of Singapore's economy in 2024.

Meanwhile, MEI also reported that in 2024, local consumers will reprioritise their spending to manage a higher cost of living and debt servicing. 

"Compared to 2019, Singapore consumers have allocated a smaller share of their wallets to discretionary spending and a larger share to essentials spending in 2023, reflecting a more prudent approach to managing their finances," MEI said, adding that this trend is especially evident among mass market consumers.