Impact of End of Global Inflationary Surge and Turn in Electronics Cycle on Singapore's Recovery Prospects

Ms Mariam Jaafar asked the Minister for Trade and Industry what assessment has been made of the effects of (i) the end of the global inflationary surge over the past few years and (ii) a turn in the electronics cycle, on Singapore's economic recovery prospects and consumer confidence.

The Ministry of Trade and Industry and the Monetary Authority of Singapore have projected that Singapore's gross domestic product growth will come in at 1.0% to 3.0%, while Consumer Price Index – All Items inflation will average 3.0% to 4.0% in 2024. These projections take into account global inflation trends and an expected recovery in the electronics cycle this year.