Singapore: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore
IMF Staff Country Reports, August 29, 2023
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- Singapore: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore
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Bibliographic details
- Published: August 29, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400254994.002
Main findings: recovery and drivers
- Singapore’s post-pandemic recovery is nearly complete.
- Strong economic fundamentals and the authorities’ decisive policy responses, including an unprecedented policy stimulus, supported a rapid recovery from the coronavirus disease 2019 shock.
- Macro policies are appropriately tight to moderate price pressures in 2023.
Monetary policy actions and stance
- The Monetary Authority of Singapore tightened monetary policy under its unique framework five consecutive times since October 2021, and has paused so far in 2023, given negative imported inflation and projected below-trend growth this year.
- Policy implication: maintain appropriately tight macro policies to moderate price pressures while monitoring imported inflation and growth dynamics.
Fiscal policy stance and contingency planning
- Singapore can continue to deploy its ample fiscal buffers to cushion the economic impact should downside risks materialize.
- Targeted fiscal support should continue to be the first line of defense.
- Scenario guidance: in a downside scenario where high inflation is combined with severe strains in financial markets, the pace of tightening would need to be adjusted to avoid a broadening of financial stability concerns.
Subjects and keywords
- Subjects: Commercial banks, Financial institutions, Inflation, International organization, Labor, Labor markets, Loans, Monetary policy, Monetary tightening, Prices
- Keywords: Asia and Pacific, Commercial banks, Global, goods price, Inflation, Labor markets, Loans, mas core inflation, Monetary tightening, price pressure, property price growth, service price inflation moderate
Publication and identification
- Pages: 110
- Volume: 2023
- DOI: https://doi.org/10.5089/9798400254994.002
- Issue: 314
- Series: Country Report No. 2023/314
- Stock No: 1SGPEA2023001
- ISBN: 9798400254994
- ISSN: 1934-7685
International Monetary Fund. Asia and Pacific Dept "Singapore: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore", IMF Staff Country Reports 2023, 314 (2023).
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- 1sgpea2023001