The Business Times
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Economists raise 2025 Singapore growth forecasts on strong Q3, but stay cautious on 2026

Still, most private-sector analysts upgrade estimates for next year, with some projections at the higher end of the official 1 to 3% range

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Low Youjin

Low Youjin

Published Fri, Nov 21, 2025 · 06:11 PM
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    • Some think there will be slower growth in 2026 as global uncertainties persist, though sectors tied to digitalisation and finance are expected to remain resilient.
    • Some think there will be slower growth in 2026 as global uncertainties persist, though sectors tied to digitalisation and finance are expected to remain resilient. PHOTO: TAY CHU YI, BT

    [SINGAPORE] Private-sector economists followed the Ministry of Trade and Industry’s (MTI) lead in raising their 2025 growth forecasts for Singapore, after better-than-expected third-quarter figures on Friday (Nov 21).

    Most also upgraded their estimates for 2026 – with some of these figures falling in the upper half of the newly released official forecast range of 1 to 3 per cent.

    The strong performance in 2025 partly reflects the front-loading of trade before the US tariffs kicked in, said MTI’s chief economist Yong Yik Wei. But in 2026, US tariffs will drag more on growth, as front-loading effects fade and the tariffs have “a full year’s worth” of impact.

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