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

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2024 Issue 255

Publication date: July 2024

ISBN: 9798400285974

$20.00

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Topics covered in this book

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Banks and Banking , Inflation , Labor , article IV consultation discussion , FSAP update , Singapore economy , CPI-All Items inflation , disinflation trend , Labor markets , Inflation , Artificial intelligence , Liquidity requirements , Global , Asia and Pacific

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Summary

Following a slowdown in 2023, growth is projected to recover gradually to 2.1 percent in 2024. After reaching 6.1 percent in 2022, inflation has steadily declined to 2.7 percent in April 2024. The pace of disinflation has nonetheless been gradual, with signs of persistent price pressures including from a tight labor market. With risks to global growth now broadly balanced, downside risks to growth outlook have diminished relative to last year, but Singapore remains vulnerable to a deepening of geoeconomic fragmentation. Inflation risks remain tilted to the upside.