Economists, MTI cautious on Singapore’s H2 growth despite full-year forecast upgrade

[SINGAPORE] Private-sector economists and the Ministry of Trade and Industry (MTI) warned that the second half of 2025 will remain challenging, even as the official full-year growth forecast was upgraded on Tuesday (Aug 12).

After the economy’s strong second-quarter growth of 4.4 per cent – revised up marginally from the advance figure of 4.3 per cent – MTI raised its full-year forecast range to between 1.5 and 2.5 per cent, from between zero and 2 per cent previously.

The ministry noted that the revision largely reflects the first half-year’s better-than-expected performance, with key economies more resilient than expected since the US announced tariffs in April.