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Singapore is a highly open economy and its exports should benefit from firming global trade over the next three years

As a result, real GDP growth is expected to accelerate to an average of 2.6% over 2017-2019

  enSingaporeEconomic1

Inflation is expected to exit deflationary territory in 2017, rising to 0.7%, and should continue to strengthen to 1.1% in 2018 and 1.5% in 2019

The improvement in inflation is expected to be driven by higher commodity prices and a gradual recovery in the housing market

  enSingaporeEconomic2

 

The government is expected to continue its fiscal easing stance, reducing the consolidated fiscal balance to an average of 1.9% of GDP over 2017-19

Higher spending is aimed at stimulating domestic demand to counteract headwinds such as continued population ageing

  enSingaporeEconomic3

The current account is expected to remain relatively stable at an average of 19.0% over the forecast horizon, supported by robust trade as a result of rising external demand

While the capital and financial account should remain broadly stable as Singapore’s current account surpluses continue to be invested abroad

  enSingaporeEconomic4


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