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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


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



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


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


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