IMF Staff Country Reports

This 2004 Article IV Consultation highlights that in recent years, Singapore’s economy has been hit hard by a series of external shocks. These shocks—the Asian crisis, the bursting of the technology bubble, and the SARS outbreak in 2003—disrupted an economic expansion largely uninterrupted since the 1970s. The shocks have come at a time when Singapore is also facing increasing competition from regional low-cost economies. Looking ahead, economic activity is expected to moderate to more sustainable levels in the near term.