.jpg?20260326')
Singapore will feel the impact of increasing global tensions with economic growth set to slow this year, Prime Minister Lawrence Wong said in his budget speech in parliament on Tuesday.
Wong, who is also finance minister, said the United States and China were locked in a contest for supremacy, and were prepared to take more assertive actions to advance their interests.
"All these pressures will reshape the global economy and dampen prospects for global growth. As a small and open economy, we will feel the impact," Wong said.
Singapore's GDP accelerated to 4.4% in 2024 from a revised 1.8% in 2023, but the trade ministry expects growth in 2025 to moderate to 1.0% to 3.0%, a forecast Wong reiterated on Tuesday.
The budget is expected to focus on cost of living and employment issues as Singapore heads towards an election buoyed by strong economic growth and low inflation while facing uncertainties over US trade policies.
Top stories for today:
Europeans talk up more defence spending as Ukraine plan divides
212 traders pledge to keep Ramadan prices stable
Medical team congratulated on landmark success
&uuid=(email))