Singapore: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2025 Issue 192

Publication date: July 2025

ISBN: 9798229017930

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Topics covered in this book

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Exports and Imports , Finance , Inflation , Labor , Economics- Macroeconomics , Public Finance , Loans , Macroprudential policy , Financial sector stability , Inflation , Fiscal stance , Labor markets , Exports

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Summary

Following an acceleration to 4.4 percent in 2024, growth is projected to sharply slow to 1.7 percent in 2025, in large part reflecting recent trade tensions and elevated global uncertainty. Inflation is projected to remain well below 2 percent in 2025, reflecting low tradable inflation and increasing slack in the economy. Reflecting appreciable uncertainty about the course of global growth, risks to growth are firmly tilted to the downside, largely stemming from potentially escalating global trade tensions and tightening global financial conditions. Net risks to inflation are also tilted to the downside, largely reflecting the downside growth risks, though there are also some upside risks to inflation, including from supply chain disruptions.