Southeast Asia Outlook 2024: Opportunity Beckons (Cushman & Wakefield)

Southeast Asia foresees strong economic growth in 2024, with most major economies expected to accelerate despite challenges like inflation and geopolitical tensions. Easing inflation and increased investments are poised to further support growth.

Cushman & Wakefield's latest paper explores the promising growth prospects of Southeast Asia (SEA) in 2024. Forecasted to expand by 4.6%, SEA's economy is on an upward trajectory, outpacing the previous year's growth rate of 4.0%.

Singapore’s economic growth is set to improve to 3.0% in 2024, higher than 1.1% growth in 2023, albeit growth would be tempered by a still-high interest rates environment and global economic uncertainties.

Economic growth would be underpinned by a recovering manufacturing sector as external demand recovers and resilient demand for services given Singapore’s status as a regional business hub and tourism recovery. Overall property demand is expected to improve, albeit cautiously, and higher supply in some markets such as the residential and office market would crimp rental prospects.