Singapore's economy grew by 2.9% year-on-year in the April-June quarter, matching initial estimates and exceeding expectations. The trade ministry has revised its 2024 GDP growth forecast to 2.0%–3.0% from 1.0%–3.0%. Quarterly, the GDP expanded by 0.4%. The trade ministry anticipates resilient external demand for the rest of the year but notes risks from geopolitical tensions and tighter global financial conditions. The manufacturing sector is expected to recover gradually in the second half of 2024. For 2023, Singapore's GDP grew 1.1%, down from 3.8% in 2022. The Monetary Authority of Singapore maintained its monetary policy settings last month as inflation moderated and growth prospects improved.
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