A survey of forecasters estimated this year's growth at 2.4% and headline inflation at 3.1%, compared with the December survey's estimates of 2.3% GDP growth and 3.4% inflation.

Economic growth in the city-state is expected to increase to 2.5% in 2025.

Singapore's manufacturing sector – which accounts for over 20% of the country's GDP – is now expected to grow by 4% in 2024, up from 2.3%.

While economists increased forecasts for the manufacturing, finance and insurance and construction sectors, the outlook for the wholesale and retail trade sectors, as well as the accommodation and catering sectors, decreased.

According to the survey, the economy is expected to grow by 2.6% in the first quarter, and GDP data will be released on April 12.

A March 9 Bloomberg report said economists upgraded Singapore's growth forecasts for the first quarter following the Singapore leg of music superstar Taylor Swift's Eras Tour.

The report added that the concerts will add about SG$300 million to SG$400 million, or 20 basis points, to Singapore's GDP in the first quarter, according to DBS Bank economist Han Teng Chua. Swift performed six shows in the country from March 2-9.

Singapore's gross domestic product "is likely to expand by 2.9%" in the first quarter, the report added.