Singapore: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

IMF Staff Country Reports, July 15, 2019

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Singapore’s growth is expected to continue to moderate as export momentum slows and growth drivers shift back to domestic demand.
Over the medium term, modern services are expected to become increasingly important in driving growth.

Risks to the near-term outlook are tilted to the downside and arise mainly from external sources.

Policies should be geared toward addressing the challenges to growth and inequality posed by shifts in the global economy, aging, and technological change, which could also promote external rebalancing.
Policies have been aimed at boosting growth while promoting greater equity.

The authorities are implementing measures to turn Singapore into a global innovation hub.
Efforts are being redoubled to boost labor productivity through investment in human, physical and organizational capital, and digitalization.
Singapore is emerging as a regional leader in fintech, supported by Monetary Authority of Singapore.
Social policies are being updated, with the aim of raising wages and standards of living for lower-skilled Singaporeans.

Subject: Banking, Expenditure, Fiscal policy, Fiscal stance, Inflation, Labor, Labor markets, Prices
Keywords: core inflation, CR, Fiscal stance, Global, Inflation, ISCR, Labor markets, macroeconomic performance, mas core inflation, resolution framework, resolution unit, Singapore, Singapore dollar, Singapore economy