{
  "title": "Singapore: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore",
  "publication": "IMF Staff Country Reports, July 16, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/07/16/singapore-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-568643",
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  "summary": "Following an acceleration to 4.4 percent in 2024, growth is projected to sharply slow to 1.7 percent in 2025, in large part reflecting recent trade tensions and elevated global uncertainty.",
  "sections": [
    {
      "heading": "Growth outlook",
      "content": "- Following an acceleration to 4.4 percent in 2024, growth is projected to sharply slow to 1.7 percent in 2025.\n- Primary drivers of the slowdown: recent trade tensions and elevated global uncertainty."
    },
    {
      "heading": "Inflation outlook",
      "content": "- Inflation is projected to remain well below 2 percent in 2025.\n- Factors cited: low tradable inflation and increasing slack in the economy."
    },
    {
      "heading": "Risks and uncertainties",
      "content": "- Risks to growth are firmly tilted to the downside.\n  - Main downside channels: potentially escalating global trade tensions and tightening global financial conditions.\n- Net risks to inflation are also tilted to the downside, largely reflecting the downside growth risks.\n- Upside risks to inflation noted: supply chain disruptions."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Financial institutions, Fiscal policy, Fiscal stance, Inflation, Labor, Labor markets, Loans, Prices\n- Keywords: article IV consultation discussion, Asia and Pacific, Europe, Fiscal stance, FSAP participation, FSAP update, Global, Inflation, intervention currency, Labor markets, Loans, R&D ecosystem\n\nInternational Monetary Fund. Asia and Pacific Dept \"Singapore: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore\", IMF Staff Country Reports 2025, 192 (2025), accessed 8/19/2026, https://doi.org/10.5089/9798229017930.002\n\n---\n\n Content in this bundle\n\n- 1sgpea2025001-source-pdf\n  - 1sgpea2025001-source-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sgpea2025001-source-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 16, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229017930.002",
    "Following an acceleration to 4.4 percent in 2024, growth is projected to sharply slow to 1.7 percent in 2025.",
    "Primary drivers of the slowdown: recent trade tensions and elevated global uncertainty.",
    "Factors cited: low tradable inflation and increasing slack in the economy.",
    "Risks to growth are firmly tilted to the downside.",
    "Net risks to inflation are also tilted to the downside, largely reflecting the downside growth risks.",
    "Upside risks to inflation noted: supply chain disruptions.",
    "Subject: Financial institutions, Fiscal policy, Fiscal stance, Inflation, Labor, Labor markets, Loans, Prices",
    "Keywords: article IV consultation discussion, Asia and Pacific, Europe, Fiscal stance, FSAP participation, FSAP update, Global, Inflation, intervention currency, Labor markets, Loans, R&D ecosystem",
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