In this file photo dated Sept 15, 2022, wild smooth-coated otters are spotted next to Singapore's tourism icon, the Merlion, on its 50th birthday at the Merlion Park in Singapore. (PHOTO / XINHUA)

SINGAPORE - The Monetary Authority of Singapore (MAS) said in a report on Wednesday that economists and analysts polled in the quarterly Survey of Professional Forecasters expect the country's gross domestic product (GDP) to expand by 2.3 percent in 2024.

The number is 0.2 points lower than the 2.5-percent GDP forecast in the previous survey report.

Recovery in the technology circle and more robust growth in China may contribute to a positive economic outcome for the city-state in 2024, said the report

Sluggish external growth, geopolitical tensions and inflationary pressures are the top downside risks to Singapore's growth next year, according to the survey collecting opinions from 25 economists and analysts who closely monitor the Singapore economy.

Recovery in the technology circle and more robust growth in China may contribute to a positive economic outcome for the city-state in 2024, said the report.

READ MORE: Singapore Q3 GDP up 0.7% year-on-year

The respondents expect Singapore's economy to grow by 1.0 percent this year, unchanged from the previous survey.