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Macro - Country Economic Forecasts - Singapore

Publisher Oxford Economics
Published Aug 28, 2025
Length 9 Pages
SKU # OFE20418455

Description

We've nudged up our 2025 GDP growth forecast for Singapore by 0.1ppt to 2.1% following strong economic performance in H1. We maintain our view that the economy will lose steam in H2 as external headwinds grow. That said, Singapore could be a relative winner since the US tariff rate levied remains at 10%, suggesting the economy might not slow by as much as we'd thought. Therefore, we've upgraded our forecast for 2026 GDP growth by 1.0ppt to 1.8%.

Table of Contents

9 Pages
Singapore: GDP forecast raised even as external headwinds grow
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Risk warnings
What to watch out for
Exposure to key global risks
Long-term prospects
Alternative long-run scenarios
Background
Economic development
Structure of the economy
Balance of payments and structure of trade
Policy
Politics

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