Singapore: 2024 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Singapore
IMF Staff Country Reports, July 31, 2024
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- Singapore: 2024 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Singapore
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Bibliographic details
- Published: July 31, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400285974.002
Growth and inflation outlook
- Growth is projected to recover gradually to 2.1 percent in 2024 following a slowdown in 2023.
- Inflation peaked at 6.1 percent in 2022 and has steadily declined to 2.7 percent in April 2024.
- The pace of disinflation has been gradual, with signs of persistent price pressures including from a tight labor market.
Risks and vulnerabilities
- With risks to global growth now broadly balanced, downside risks to the growth outlook have diminished relative to last year.
- Singapore remains vulnerable to a deepening of geo-economic fragmentation.
- Inflation risks remain tilted to the upside.
- Vigilance warranted against pockets of financial-sector vulnerabilities, including potential systemic risks arising from the housing market.
Fiscal, monetary, and macroprudential stance
- The broadly neutral fiscal stance relative to 2023 will complement the tight monetary policy stance in achieving price stability.
- Targeted support to vulnerable households and firms is recommended to provide temporary relief from high costs of living and business.
- Singapore’s financial sector remains resilient with solid capital and liquidity buffers.
- The current tight macroprudential policy stance is judged to remain appropriate given identified vulnerabilities.
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- 1sgpea2024001-print-pdf