SINGAPORE, Oct. 28 (Xinhua) -- The recovery in the Singapore economy was more entrenched in the third quarter this year, with close to 60 percent of the economy growing at around or above pre-pandemic levels, according to an official report issued Monday.
The strong performance was largely attributed to the outstanding performance of the manufacturing and export sectors, according to the macroeconomic review released by the Monetary Authority of Singapore (MAS).
The financial sector underpinned by robust trading activity and the tourism-related sectors boosted by a pickup in Chinese tourists also contributed to the growth, the MAS added.
Supported by the constructive outlook for the global economy and the tech cycle recovery, growth in the trade-related cluster will remain. Meanwhile, lending and trading activities will increase further amid the easing financial conditions, it noted.
Thus, the MAS expects Singapore's GDP growth to come in around the upper end of the 2.0 to 3.0 percent forecast range for 2024 and expand at a similar pace next year.
However, downside risks such as escalation in geopolitical and trade tensions or sharper growth slowdown in major economies may jeopardize the mostly secured outlook, according to the report.
Core inflation momentum is expected to remain contained amid falling cost pressures. The MAS expects the core inflation to average between 2.5 to 3.0 percent for 2024, down from 4.2 percent in 2023.
It estimates the core inflation to average around the mid-point of the forecast range of 1.5 to 2.5 percent in 2025. ■
