We've revised down our forecast for Singapore's economic growth to slow from 3.6% in 2024 to 3.3% in 2025. That largely reflects the low base from a year ago dropping out of the comparison. We assume economic momentum has dropped back in Q4 but will rebound gradually over 2025. Inflation is now within the Monetary Authority of Singapore's soft target of "just below 2%", so the central bank's focus has now turned to currency pressures.
Singapore: Economic momentum likely to remain healthy in 2025