In terms of the country’s economy, it rebounded quite sharply in the third quarter of 2024, 4.1% higher, more than significantly larger than the subdued 1.1% marked for the entire year of 2023. According to a study presented by MAS, nearly 60% of the industries have grown back into levels that have even surpassed previous levels before the Covid-19 pandemic.

Economic growth curve for 2024 The economy recovered quite sharply from the rather disappointing turn of affairs in the previous year. GDP was up by 3% in the first half of 2024. Going by the trend, that positive appreciation was consolidated in the third quarter. Their recovery has been particularly sharp in those sectors which are closely related to international trade, including wholesale trade, water transport and storage, as well as finance and insurance.

During 2023 and early in 2024, the sector took a beating but caught on strong in Q3 by growing at rates superior to the industry average.

This is a sign of a more general revival within the economy, as the number of industries that were performing below average decreased sharply from around 70% in 2023 to 50% in the first half of 2024 and then down to 40% by the third quarter.

The report highlights a critical turn in the economic landscape: nearly 60% of industries are now growing at or above pre-pandemic levels. This rebound bodes well for Singapore’s economy as it continues to adjust and recover in the post-pandemic environment.

Singapore is likely to take advantage of the general economic conditions in the rest of the world, given that several sectors are bound to continue their recovery processes. The improvement in trade-related sectors, coupled with a rebound in manufacturing, would be the hallmarks of a robust economy with bright prospects for continued growth in the quarters to come. Stakeholders would keep a close eye on the trends to ensure that the momentum continues into subsequent quarters and fosters a stable economic environment for businesses and consumers alike.