Singapore Prime Minister Lawrence Wong says many workers will see wages continue to rise.
Singapore's economy grew by 4 percent in 2024, beating forecasts, according to preliminary government figures.
Gross Domestic Product (GDP) grew by 4.3 percent in October-December, Singapore's Ministry of Trade and Industry said on Thursday, raising full-year growth to the strongest since 2011, barring a resurgence of the COVID-19 pandemic in 2021.
Southeast Asian officials forecast annual growth of 3.5% in November.
Manufacturing, the main driver of the city's export-dependent economy, expanded 4.2 percent in the last quarter, while construction and services grew 5.9 percent and 4.3 percent, respectively.
In his New Year's speech, Singapore's Prime Minister Lawrence Wong said many workers have seen their wages keep pace with inflation and hope to see their incomes continue to rise.
“Unlike many developed countries, we are not suffering from unemployment and stagnant wages,” Wong said.
Wong, however, acknowledged that Singapore's economy has not been immune to political conflicts, such as the wars in the Middle East and Ukraine.
“In many countries, economic problems continue to affect families and communities. People are very worried about the future,” he said.
Singapore's Ministry of Commerce in November said it expected to grow between 1 and 3 percent in 2025.