Singapore: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

July 21, 2022

Preview Citation

Format: Chicago

Singapore: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore, (USA: International Monetary Fund, 2022) accessed September 20, 2024

Summary

This 2022 Article IV Consultation discusses that 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. The tight macroprudential stance should be maintained, and further tightened as needed. This combined with 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. Should downside risks materialize, Singapore can continue to deploy its ample fiscal buffers to cushion the economic impact, with targeted fiscal support continuing to be the first line of defense. 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.

Subject: 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

Publication Details

Pages:

99
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/233
Stock No:

1SGPEA2022001
ISBN:

9798400214950
ISSN:

1934-7685

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