03.09.202504:38:27UTC+00MAS Survey Points to Higher Singapore GDP Growth, Steady Policy Path

The Monetary Authority of Singapore's recent quarterly survey, published on Wednesday, indicates that economists have revised upward Singapore's economic growth forecast for 2025. They also anticipate that the current monetary policy will remain stable in the forthcoming evaluation. It is important to note that this survey, which gathers insights from the private sector, does not reflect the views or predictions of the MAS itself. The median growth forecast has been adjusted to 2.4%, an increase from the previous 1.7% recorded in June. This adjustment follows the government's revision of its 2025 growth range to 1.5–2.5% in August, spurred by stronger first-half economic performance. For the third quarter, economists predict a year-on-year growth of 0.9%. The survey highlights geopolitical tensions as the primary downside risk, whereas easing trade barriers and a revival in the technology sector are expected to contribute positively. The MAS maintained a consistent policy stance in July, following earlier policy easing in January and April. Most analysts foresee no adjustments in the upcoming reviews in October or January 2026. Inflation forecasts remain low, with core inflation slightly reduced to 0.7% from 0.8%, while the headline figure remains steady at 0.9%. Notably, July's core inflation of 0.5% represents the lowest in over three years.