Singapore: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore

July 15, 2019

Preview Citation

Format: Chicago

Singapore: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore, (USA: International Monetary Fund, 2019) accessed November 21, 2024

Summary

The 2019 Article IV Consultation with Singapore analyses that Singapore’s growth is expected to continue to moderate as export momentum slows and growth drivers shift back to domestic demand. 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. The report highlights that policies should be geared toward addressing the challenges to growth and inequality posed by shifts in the global economy, aging, and technological change, which could also promote external rebalancing. Policies have been aimed at boosting growth while promoting greater equity. The authorities are implementing measures to turn Singapore into a global innovation hub, redoubling efforts to boost labor productivity through investment in human, physical and organizational capital, and digitalization. Singapore is also emerging as a regional leader in fintech, supported by Monetary Authority of Singapore. Meanwhile, social policies are being updated, with the aim of raising wages and standards of living for lower-skilled Singaporeans.

Subject: Banking, Expenditure, Fiscal policy, Fiscal stance, Inflation, Labor, Labor markets, Prices

Keywords: Core inflation, CR, Fiscal stance, Global, Inflation, ISCR, Labor markets, Macroeconomic performance, Mas core inflation, Resolution framework, Resolution unit, Singapore, Singapore dollar, Singapore economy

Publication Details

Pages:

95
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/233
Stock No:

1SGPEA2019007
ISBN:

9781498326667
ISSN:

1934-7685

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