## Singapore: 2024 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Singapore

_IMF Staff Country Reports, July 31, 2024_

## Source details

**Canonical URL:** [Singapore: 2024 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Singapore](https://www.imf.org/en/publications/cr/issues/2024/07/30/singapore-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-552788)

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## Bibliographic details
- Published: July 31, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400285974.002

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### 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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## Content in this bundle

- **1sgpea2024001-print-pdf**
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_Source: https://www.imf.org/en/publications/cr/issues/2024/07/30/singapore-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-552788_