Singapore: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

IMF Staff Country Reports, July 16, 2021

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Canonical URL: Singapore: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

Singapore entered the COVID-19 pandemic with sizable policy space and robust economic policy frameworks, yet facing longer-term challenges.
The economy has been severely impacted by the pandemic, but a bold, comprehensive, and coordinated policy package has helped cushion the economic fallout.
Following a record contraction in the first half of 2020, activity has rebounded, and growth is projected to strengthen to 6 percent in 2021.
The uncertainty surrounding the outlook is larger than usual.

Growth projection: 6 percent in 2021.
Recovery drivers: rebound in domestic demand and a positive contribution from net exports.
Noted risk: unusually large uncertainty around the outlook.

Authorities implemented a bold, comprehensive, and coordinated policy package that helped cushion the economic fallout from COVID-19.
Entered the pandemic with sizable policy space and robust economic policy frameworks, which supported the response.

Subjects: COVID-19, External position, Financial sector policy and analysis, Financial soundness indicators, Fiscal policy, Health, Inflation, International investment position, International organization, Monetary policy, Prices.
Keywords: bond issuance, COVID-19, currency speculation, Financial soundness indicators, Global, green finance market, headline inflation, Inflation, International investment position, Singapore authorities, U.S. dollar.