The Monetary Authority of Singapore (MAS) said in a report on December 13 that economists and analysts polled in the quarterly Survey of Professional Forecasters expect the country's gross domestic product (GDP) to expand by 2.3% in 2024.

This is 0.2 points lower than the 2.5% GDP forecast in the previous survey report.

Sluggish external growth, geopolitical tensions and inflationary pressures are the top downside risks to Singapore's growth next year, according to the survey collecting opinions from 25 economists and analysts who closely monitor the Singapore economy.

Recovery in the technology circle and more robust growth in China may contribute to a positive economic outcome for the city-state in 2024, said the report.

The respondents expect Singapore's economy to grow by 1.0% this year, unchanged from the previous survey.