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Singapore - current economic developments and outlook

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Frame of Image ease).
Construction, travel-related, and customer-facing services (retail, F&B) were hardest hit, but other services such as finance and ICT holding up well.
Manufacturing and exports held up well supported by electronics and pharma products.
The unemployment rate rose in Q2.
The property market has remained stable.
Inflation has turned negative.
Singapore’s fiscal response was swift and substantial.
Fiscal Measures
(percent of GDP)
30 25
Fiscal measures above the line
Fiscal measures below the line
24.0 21.3
20
15 10 5
1.5 4.9 2.2 3.1 1.0 2.4 1.1 1.1 9.7 8.2 4.1 0.1 0.5 3.6
15.4
11.3 8.8 12.0 8.8 7.2 4.2 1.8 5.0 3.2
4.2
1.9
0 IND PHL KOR IDN
VNM
CHN
THA
SGP
AUS
JPN
NZL
Asia AE
Asia All AE EM
Sources: IMF Policy Tracker, WEO, and IMF staff calculations
Monetary and financial policies have been focused on ensuring stability.
The MAS-Fed swap line helped ease USD funding pressures.
Looking ahead, there are many challenges, but Singapore can draw on its strengths in the post-COVID world.
Large uncertainty and important risks… - Uncertainty around pandemic evolution - Weaker external demand; GVC reconfiguration; geopolitical risks - Risk of higher inequality – Singapore has a track record of maintain social mobility - High leverage among some firms could weigh on recovery - Global financial conditions could abruptly tighten again - Prolonged sectoral issues and scarring (tourism, retail) …but Singapore’s strengths can help it to seize opportunities : - Substantial fiscal policy b


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Title Singapore - current economic developments and outlook
Similar Titles
Material Type Report
Author(English)

Jochen Schmittmann

Publisher

International Monetary Fund (IMF)

Date 2020-08
Event Workshop on ASEAN-India macroeconomic policy and development cooperation
Subject Country Singapore(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Holding KDI School of Public Policy and Management
License