ADB estimates that domestic demand will remain resilient and stronger exports will boost GDP growth this year in Singapore.
Improving economic conditions and resilient wage growth will balance higher domestic taxes in the city-state. Public spending will continue to support growth as the Singaporean government maintains its accommodative fiscal stance, according to the report.
Robust trade performance this year marks expanding external demand, which shows signs of recovery in Singapore, it added.
The headline inflation in Singapore is expected to moderate to 3 percent this year from 4.8 percent in 2023 due to reduced accommodation costs, lower oil prices, and normalizing food and service costs, according to the report.
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