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MAS' latest survey shows economists' full-year median forecasts at 2.3% for headline inflation and 2% for core inflation, both up from 1.5% in the March poll.

Economists raise inflation projections, lower growth forecasts in first MAS survey since Iran war

More now see Singapore’s central bank tightening policy in July, though majority still expect it to hold

Downside risks for Singapore have risen significantly, says MTI, as energy and key input supply disruptions due to the Strait of Hormuz blockade lead to cost spikes, driving up inflationary pressures.

Economy & Policy

Singapore maintains 2026 growth forecast at 2-4% despite rising downside risks from Iran war

MTI revises Q1 GDP growth upward to 6%; UOB, Maybank raise their full-year forecasts

The upward revision of gross domestic product in 2025 comes as Q4 growth is adjusted upwards to 6.9%, from an advance estimate of 5.7%.

Economy & Policy

Singapore revises 2025 GDP growth to 5% from 4.8% earlier, bolstered by a strong Q4

MTI raises 2026 forecast economic expansion to 2% to 4%, compared to 1% to 3% previously

The upward revision for 2024 came as fourth-quarter GDP growth was adjusted upwards to 5% year on year, from the advance estimate of 4.3%.

Singapore’s 2024 GDP grows by 4.4%, better than advance estimates of 4%

But for 2025, MTI’s growth forecast range remains unchanged at 1-3%

Last year’s 0.2 per cent increase in the unit business cost index for manufacturing eased from 2023’s 5.8 per cent.

Unit business costs for manufacturing, services up in 2024; labour cost set to keep rising in 2025

Wage growth outpaces productivity growth in 2024

Official estimates place 2024 full-year growth at around 3.5%.

Economists’ Singapore growth forecast jumps for 2024, but only edges up for 2025: survey

Geopolitical tensions are increasingly seen as a downside risk

The latest expectations for full-year growth and inflation remain in line with official forecasts.

Economists’ 2024 growth forecast for Singapore rises to 2.6%, but manufacturing expectations fall: survey

Median forecasts for both headline and core inflation fall slightly, but most of those surveyed still expect no MAS moves this year

Economists expect moderating growth in tourism-related sectors in Singapore due to dissipating post-pandemic tailwinds and increased competition.

Economists raise Singapore’s 2024 GDP forecasts on better-than-expected H1 growth, broadening recovery

They agree that the country’s monetary policy stance will likely be maintained at the upcoming review

The improved performance has prompted several economists to raise their GDP growth forecasts for Singapore.

Singapore Q2 growth beats expectations at 2.9%

Quarter-on-quarter growth improves at 0.4 per cent

Finance, rather than manufacturing, is expected to drive economic growth this year, going by the latest survey.

Economists keep 2.4% forecast for Singapore’s growth, but expect less from manufacturing, survey finds

Economists’ forecasts have been lowered for headline inflation, but maintained for core inflation

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