Singapore: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Singapore
IMF Staff Country Reports, July 21, 2022
Source details
- Canonical URL
- Singapore: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Singapore
Other formats
Bibliographic details
- Published: July 21, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400214950.002
Overview and near-term outlook
- Singapore’s skillful containment measures, effective vaccination campaign and decisive policy support helped the economy to recover impressively.
- Growth is expected to remain above potential in the near term and broaden across sectors, supported by widespread vaccinations and pent-up demand as the economy reopens.
Financial stability and housing market
- The tight macroprudential stance should be maintained, and further tightened as needed.
- The authorities’ plans to ramp up housing supply would help ensure a soft landing in residential real estate prices and prevent a further rise of systemic financial risks.
Fiscal policy and buffers
- Should downside risks materialize, Singapore can continue to deploy its ample fiscal buffers to cushion the economic impact.
- Targeted fiscal support should continue to be the first line of defense.
Policy priorities and reforms
- The authorities are pivoting to post-pandemic and longer term priorities.
- Recent initiatives, included as part of the FY2022 budget, to accelerate transition toward a smarter, greener, and more inclusive economy post-pandemic are welcome.
Subjects and keywords (as listed)
- Subjects: Environment, Fiscal policy, Health, International organization, Monetary policy, Prices, Taxes
- Keywords: bond issuance, Carbon tax, Climate change, core inflation, COVID-19, currency speculation, Fiscal stance, Global, Inflation, inflation momentum, money market rate, policy support, Singapore dollar, Singapore economy
Content in this bundle
- 1sgpea2022001