Singapore's economy avoided a recession and expanded 1.2 % in 2023, Prime Minister Lee Hsien Loong said Sunday, warning however that geopolitical risks will weigh on next year's growth.
The affluent city-state's economic performance is often seen as a barometer of the global environment because of its reliance on international trade.
"We made 1.2% growth this year, avoiding a recession," Lee said in his New Year's message.
For next year, growth is projected to come in at 1.0-3.0% "but much will depend on the external environment," he added, pointing to the continuing war in Ukraine and Israel's conflict with Hamas.
The economy has been hurt by softer global demand for its exports, with the return of air travel after the Covid-19 pandemic boosting domestic growth.