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Singapore's Economy Grows 1.2% in 2023, PM Lee Highlights Challenges Ahead

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Singapore's economy grew 1.2% in 2023, avoiding a recession, according to Prime Minister Lee Hsien Loong's New Year message for 2024. However, he highlighted the challenges ahead due to geopolitical uncertainties.

Singapore's economy grew 1.2% in 2023, avoiding a recession, according to Prime Minister Lee Hsien Loong's New Year message for 2024. However, he highlighted the challenges ahead due to geopolitical uncertainties.

The projected GDP growth for next year is 1% to 3%, depending on the external environment. Mr. Lee mentioned tensions in the South China Sea and the cross-Strait situation as factors that can affect regional confidence and growth.

 

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