Singapore Central Bank Sees Slower Financial Sector Growth

Singapore will likely see slower growth in its financial sector in coming years as a confluence of trade and geopolitical tension clouds the economic outlook for the trade-dependent country, according to the central bank.

While the sector advanced by 6.8% in 2024, more than double the 3.1% growth reported in the previous year, growth is not expected to “continue at the pace of the last few years,” Chia Der Jiun, managing director of the Monetary Authority of Singapore, said at the central bank’s annual briefing on Tuesday.