Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Japan’s Service Sector Sustains Growth Momentum in November 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Trump and Lula Discuss Trade, Sanctions, and Security in “Productive” Phone Call 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
South Korea Posts Stronger-Than-Expected 1.3% Economic Growth in Q3 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Singapore's Economic Growth Surpasses Expectations in Q3 2024
Singapore's economy demonstrated impressive resilience, growing by 4.1% year-on-year in the third quarter of 2024, according to preliminary data released by the Ministry of Trade and Industry on Monday. This growth outpaced economists' expectations, who had forecasted an annual increase of 3.8% for the period of July to September.
In addition to the annual growth, Singapore's GDP expanded by 2.1% on a seasonally adjusted quarter-on-quarter basis compared to the second quarter. This positive momentum reflects the city-state's effective management of ongoing global economic challenges and its strategic focus on key sectors such as technology, finance, and trade.
Key Factors Contributing to Growth
Several factors have contributed to Singapore's robust economic performance:
1. Strong Export Demand: The country's manufacturing sector continues to benefit from strong demand for electronics and pharmaceuticals, driving export growth.
2. Investment in Innovation: Increased investment in technology and innovation has enhanced productivity and attracted foreign direct investment, bolstering economic growth.
3. Resilient Consumer Spending: As the labor market remains stable, consumer confidence is rising, leading to increased spending in retail and services.
Future Outlook
Looking ahead, economists remain cautiously optimistic about Singapore's economic prospects. While global uncertainties persist, including geopolitical tensions and supply chain disruptions, the government's proactive fiscal policies and emphasis on sustainable growth are likely to support continued economic resilience.
In conclusion, Singapore's economy has shown significant growth in the third quarter of 2024, reflecting a combination of strong export performance, strategic investments, and resilient consumer behavior. As the nation navigates a complex global landscape, maintaining this growth momentum will be crucial for sustaining its competitive edge in the region.
