IMF Staff Country Reports

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

July 31, 2024

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International Monetary Fund. Asia and Pacific Dept "Singapore: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Singapore", IMF Staff Country Reports 2024, 255 (2024), accessed December 3, 2024, https://doi.org/10.5089/9798400285974.002

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Summary

The 2024 Article IV Consultation with Singapore highlights that 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 geo-economic fragmentation. Inflation risks remain tilted to the upside. The broadly neutral fiscal stance relative to 2023 will complement the tight monetary policy stance in achieving price stability, while targeted support to vulnerable households and firms will provide temporary relief from high costs of living and business. Singapore’s financial sector remains resilient with solid capital and liquidity buffers, though vigilance against pockets of vulnerabilities is warranted, including from potential systemic risks arising from the housing market. In this context, the tight macroprudential policy stance remains appropriate.

Subject: Artificial intelligence, Financial regulation and supervision, Inflation, Labor, Labor markets, Liquidity requirements, Prices, Technology

Keywords: Article IV consultation discussion, Artificial intelligence, Asia and Pacific, CPI-All Items inflation, Disinflation trend, FSAP update, Global, Inflation, Labor markets, Liquidity requirements, Singapore economy

Publication Details

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