## Singapore: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

_IMF Staff Country Reports, July 20, 2026_

## Source details

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## Bibliographic details
- Published: July 20, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229054072.002

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### Executive summary
- Growth reached 5.0 percent in 2025, driven by AI-related exports and healthy domestic demand.
- Taking account of the impact of the war in the Middle East, growth is projected to slow and inflation to rise in 2026.
- Risks to growth and inflation are tilted to the downside and upside, respectively, mainly stemming from a possible reescalation of geopolitical tensions.
- A rise in global trade tensions or a potential bust of the global AI boom would negatively affect Singapore’s export-oriented economy.

### Growth drivers and recent performance
- Primary drivers of 2025 growth:
  - AI-related exports.
  - Healthy domestic demand.
- Reported 2025 growth: 5.0 percent.

### Near-term projections (2026) and inflation outlook
- Projection summary:
  - Growth is projected to slow in 2026 (no numerical projection provided beyond 2025 figure).
  - Inflation is projected to rise in 2026 (no numerical projection provided).

### Key risks and downside/upside factors
- Downside risks to growth:
  - Possible reescalation of geopolitical tensions (notably linked to the war in the Middle East).
  - A rise in global trade tensions.
  - A potential bust of the global AI boom.
- Upside risks to inflation:
  - Possible reescalation of geopolitical tensions (tilting inflation risk upward).

### Thematic coverage and keywords
- Subject areas listed: Fiscal policy, Fiscal stance, Inflation, Labor, Labor markets, Prices.
- Keywords listed: Asia and Pacific, exchange rate arrangement, Fiscal stance, FSAP discussion, FSAP participation, fund holding, Global, Inflation, inflation expectation, intervention currency, Labor markets, Middle East.

### Publication metadata and identifiers
- Publication title: Singapore: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore
- Publication date: July 20, 2026
- Pages: 96
- Volume: 2026
- Issue: 185
- Series: Country Report No. 2026/185
- DOI: https://doi.org/10.5089/9798229054072.002
- Stock No: 1SGPEA2026001
- ISBN: 9798229054072
- ISSN: 1934-7685

*Source: IMF Staff Country Report — Singapore: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore*

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_Source: https://www.imf.org/en/publications/cr/issues/2026/07/20/singapore-2026-article-iv-consultation-press-release-staff-report-and-statement-by-the-577814_