Prime Minister Lee Hsien Loong: Year of the Dragon looks more positive for Singapore’s economy

Mr Lee warns of risks but is optimistic about Singapore’s economic progress. 
By Fawwaz Baktee 09 Feb 2024
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Singapore’s economy in 2024 looks to be stronger than the previous year. However, international factors still make it uncertain, said Prime Minister Lee Hsien Loong on 9 February 2024.


Mr Lee was speaking at this year’s NTUC-organised Lunar New Year's Eve visit to Ng Teng Fong General Hospital and Jurong Community Hospital.


“These are uncertain times. We've had a steady year last year. The growth wasn't quite as high as we would have liked, but it's been a steady year, and we avoided a recession. We hope [this year] we will be stronger than in 2023,” said Mr Lee.


He added that how Singapore’s economy will turn out in 2024 will depend on external factors such as whether the US manages to cool its inflation and avoid a recession and whether the Chinese economy revives strongly.


Increased flights with China, which are now visa-free, will also contribute to Singapore’s economic growth as it will benefit Singapore’s retail and food and beverages sector, said Mr Lee.


He added: “It also depends on the electronics industry, which is showing signs of revival, and we are experiencing it. So, there are positive signs, but also uncertainties.


“MTI [Ministry of Trade and Industry] will eventually put out an updated estimate. But as of now, from what we can tell, it looks like this year ought to be stronger than last year. And from the point of view of Singaporeans, companies, and, of course, the Government, we should be happy with that.”


Mr Lee hopes inflation continues to come down in 2024, adding that the Government has continued to help Singaporeans manage the cost of living through measures such as CDC vouchers, U-Save rebates and MediSave top-ups.


Last Lunar New Year visit for workers as Prime Minister


Mr Lee’s Lunar New Year's Eve visit to appreciate healthcare workers at Ng Teng Fong General Hospital and Jurong Community Hospital was his last as prime minister.


He met about 60 allied health professionals, doctors, and nurses across different specialities during the visit.


Mr Lee was accompanied by Mdm Ho Ching, NTUC President K Thanaletchimi, NTUC Secretary-General Ng Chee Meng, and Healthcare Services Employees’ Union representatives.


Read more about this year’s Lunar New Year Visit.