Singaporean Prime Minister Lawrence Wong announced on Tuesday that the country's economy grew by 4.0 percent in 2024, "exceeding expectations."

"With the strong economy, I expect real incomes to rise further," Wong said in his New Year message.

The prime minister said he would set out the country's next steps in Budget 2025 to be unveiled on Feb. 18. Key priorities include enhancing Singapore's economic competitiveness, creating opportunities and good jobs for citizens, and mitigating the impact of rising living costs.

"We will provide more targeted help to those who find it harder to cope, especially older people and lower-income groups," Wong said, adding that other groups, such as middle-income and middle-aged Singaporeans shouldering the responsibilities of caring for elderly parents and young children, will not be neglected.

In November, the Ministry of Trade and Industry projected Singapore's gross domestic product growth at "around 3.5 percent" for 2024.