Earlier post with the headline is here:

The IMF responding to the poor result announce from SG last week:

More now from the IMF report. Thier summary, while barely touching on the downgrade is a good one for background on Singapore, reproducing it here:

  • Singapore's macroeconomic performance has been impressive. GDP per capita more than doubled in the last twenty years and income inequality has been declining since the GFC. Policies have been aimed at boosting growth while promoting greater equity. As a highly open economy and an important financial center, Singapore is strongly influenced by developments in the region and the rest of the world. Singapore's growth is expected to continue to moderate as export momentum slows and growth drivers shift back to domestic demand. Inflationary pressures remain modest. The current account surplus declined in 2019Q1 from a year ago but remains large as a share of GDP. Risks to the near-term outlook are tilted to the downside and arise mainly from external sources. Over the medium term, modern services are expected to become increasingly important in driving growth.


  • With less support from external demand, growth is expected to slow to 2 percent in 2019.
  • Given global trade tensions, support from external sectors is expected to fall and growth drivers are projected to shift back to domestic demand.
  • Investment is expected to pick up
  • MAS core inflation is expected to slightly edge down
  • headline inflation is expected to rise
  • Over the medium term, growth should stabilize around 2½ percent
Earlier post with the headline is here: