1. Singapore’s GDP Grew by 4.5% in 2024
According to the latest data from the Ministry of Trade and Industry (MTI), Singapore’s gross domestic product (GDP) grew by 4.5% in 2024. This is a slight increase from the 4.2% growth rate in 2023. The growth was driven by strong exports and a recovery in the tourism sector.
The GDP growth rate is expected to moderate to 3.5% in 2025.
2. Unemployment Rate Drops to 2.2%
The unemployment rate in Singapore fell to 2.2% in December 2024, its lowest level since 2019. This is a significant decrease from the 3.1% unemployment rate in December 2023. The drop in unemployment is due to the strong economic growth and the government’s efforts to create more jobs.
The unemployment rate is expected to remain low in 2025.
3. Inflation Reaches 2.5%
Inflation in Singapore reached 2.5% in December 2024, its highest level since 2014. This is due to the rising cost of food and energy. The government has implemented several measures to curb inflation, such as increasing the supply of food and providing subsidies for energy costs.
Inflation is expected to moderate to 2% in 2025.
4. Population Reaches 6 Million
Singapore’s population reached 6 million in 2024, according to the latest data from the Department of Statistics. This is an increase of 1.5% from the 5.9 million population in 2023. The population growth is due to the influx of foreign workers and the increase in the birth rate.
The population is expected to continue to grow in 2025, reaching 6.1 million.
5. HDB Resale Prices Continue to Rise
HDB resale prices continued to rise in 2024, increasing by 3.5% from the previous year. This is the highest growth rate since 2013. The increase in prices is due to the strong demand for HDB flats and the limited supply of new flats.
HDB resale prices are expected to continue to rise in 2025.
6. MRT Fares to Increase by 5%
SMRT announced that MRT fares will increase by 5% in 2025. This is the first fare increase in five years. The increase in fares is due to the rising cost of operating the MRT system.
The fare increase is expected to have a significant impact on commuters.
7. New Gambling Casino to Open in 2025
A new gambling casino is set to open in Singapore in 2025. The casino will be located on the waterfront and will feature a variety of gaming options, including slot machines, table games, and poker.
The casino is expected to attract a large number of tourists and generate significant revenue for the government.
Conclusion
2025 is set to be a transformative year for Singapore. With strong economic growth, a low unemployment rate, and a growing population, Singapore is well-positioned for continued success. However, the country faces several challenges, including inflation, rising HDB prices, and increasing MRT fares. The government will need to address these challenges in order to ensure that Singapore remains a prosperous and vibrant country.
