{ "title": "Singapore: Staff Report for the 2014 Article IV Consultation", "publication": "IMF Staff Country Reports, October 17, 2014", "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393", "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393", "overlayPath": "/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393/index.md", "summary": "KEY ISSUES Outlook and risks. Following an upturn in 2013, growth is expected to moderate somewhat during 2014-2015, narrowing the positive output gap.", "sections": [ { "heading": "Outlook and risks", "content": "- Following an upturn in 2013, growth is expected to moderate somewhat during 2014-2015, narrowing the positive output gap.\n- The impact of recovering demand in advanced economies is likely to be offset by:\n - the ongoing real appreciation of the currency, and\n - the gradual tightening in global monetary conditions.\n- Transitional costs related to the economic restructuring are expected to dampen growth in the near term.\n- As a very open economy, Singapore is particularly exposed to external risks:\n - a protracted period of slower growth in advanced and emerging economies,\n - a continued buildup and eventual unwinding of excess capacity in China,\n - an abrupt surge in financial market volatility as investors reassess underlying risks,\n - geopolitical risks." }, { "heading": "Medium- and long-term challenges", "content": "- The authorities focus squarely on the implementation of their medium-term economic restructuring plan.\n- The plan aims to boost the productivity of labor and land and could set the stage for a new era of sustainable growth.\n- Productivity improvements may take some time to materialize.\n- The slowing inflow of foreign workers, a key part of the reform agenda, could:\n - moderate potential growth, and\n - lower competitiveness in light of the tight labor market.\n- The social safety net is being strengthened in the context of a rapidly aging population." }, { "heading": "Policy assessment", "content": "- Macroeconomic and financial sector policies are assessed as strong.\n- Monetary policy:\n - The moderately tight monetary policy remains appropriate.\n- Fiscal policy:\n - The fiscal stance is looser than would be warranted by cyclical considerations.\n - The 2014 budget focuses on noncyclical considerations, including:\n - support for companies’ efforts to raise productivity, and\n - additional social spending on healthcare for the elderly.\n - The authorities’ plan to raise social and infrastructure spending by 1-2 percent of GDP over the medium term should help reduce the large current account surplus.\n- Financial sector and regulation:\n - Financial regulation and supervision is among the best globally.\n - Singapore is a frontrunner in implementing global regulatory reforms.\n - Macroprudential policies have contributed to cool the housing and car permit markets.\n - Good progress has been made in implementing key short•term FSAP recommendations.\n\nSource: IMF Staff Report — Singapore: Staff Report for the 2014 Article IV Consultation (October 17, 2014).\n\n---\n\n Content in this bundle\n\n- cr14312\n - cr14312 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - cr14312 (PDF){rel=\"external\" type=\"application/pdf\"}" } ], "bullets": [ "[Markdown version](/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393/index.md)", "[Structured JSON version](/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393/index.json)", "[Bundle manifest](/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393/bundle-manifest.json)", "Published: October 17, 2014", "Series: IMF Staff Country Reports", "DOI: https://doi.org/10.5089/9781498331425.002", "Following an upturn in 2013, growth is expected to moderate somewhat during 2014-2015, narrowing the positive output gap.", "The impact of recovering demand in advanced economies is likely to be offset by:", "Transitional costs related to the economic restructuring are expected to dampen growth in the near term.", "As a very open economy, Singapore is particularly exposed to external risks:", "The authorities focus squarely on the implementation of their medium-term economic restructuring plan.", "The plan aims to boost the productivity of labor and land and could set the stage for a new era of sustainable growth.", "Productivity improvements may take some time to materialize.", "The slowing inflow of foreign workers, a key part of the reform agenda, could:", "The social safety net is being strengthened in the context of a rapidly aging population.", "Macroeconomic and financial sector policies are assessed as strong.", "Monetary policy:", "Fiscal policy:", "**_cr14312**" ], "related": [ { "title": "_cr14312", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14312.pdf", "summary": { "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14312.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14312.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393/index.md", "json": "/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393/index.json", "bundleManifest": "/en/publications/cr/issues/2016/12/31/singapore-staff-report-for-the-2014-article-iv-consultation-42393/bundle-manifest.json" }, "generatedAtUtc": "2026-09-13T12:44:31.041Z" }