Singapore Finance Minister Lawrence Wong on Friday told parliament the country's economic outlook appeared mixed in 2024, but he was cautiously optimistic it would be a better year for the city-state.

In presenting the 2024 budget to parliament, he said Singapore expected higher GDP growth at 1% to 3%, adding growth was expected to be resilient and global inflationary risks were expected to recede, but geopolitical risks would remain.

Inflation in Singapore has fallen from its peak of 5.5% early last year but remains higher than pre-pandemic levels at 3.3% in December.

The population of 5.9 million is also dealing with a 1-percentage point hike in sales tax that started this year, and an upcoming scheduled increase in water tariffs.

"While we expect the inflation situation to improve this year, there are uncertainties in the outlook," he said in a speech.

"I will provide more support for households," he said, adding this support would cost S$1.9 billion ($1.41 billion)."

Singapore's economic growth plunged from 3.8% in 2022 to 1.1% in 2023. The trade ministry projects growth of 1% to 3% in 2024. ($1 = 1.3457 Singapore dollars) (Reporting by Xinghui Kok and Joe Brock; Writing by Kanupriya Kapoor; Editing by Martin Petty)