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Singapore: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

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  • International Monetary Fund

Abstract

The 2025 Article IV Consultation discusses that Singapore’s economy recovered strongly in 2024 but has since slowed due to recent trade tensions. In 2024, Singapore's economic growth surged to 4.4 percent, driven by robust private consumption and a global technology upturn. The labor market, which had been tight, began to show signs of weakening, with the unemployment rate rising from 1.9 percent in December 2024 to 2.1 percent in March 2025. Despite recent global financial market volatility, the financial sector remains resilient, and systemic risks are under control. The government's steady implementation of the Forward Singapore initiative, including temporary financial support for the involuntarily unemployed, is helping workers reskill and firms adopt AI technologies to enhance productivity. Singapore is well-prepared to address potential downside risks and meet its medium-term spending needs. IMF recommends further easing of monetary policy amid weak inflation, slowing growth, and increasing slack. However, policy moves should be data dependent and vigilant with respect to the speed and magnitude of easing given high uncertainty and the two-sided risks around the inflation outlook.

Suggested Citation

  • International Monetary Fund, 2025. "Singapore: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore," IMF Staff Country Reports 2025/192, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/192
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