Singapore entered the COVID-19 pandemic with sizable policy space and robust economic policy frameworks, yet facing longer-term challenges. The economy has been severely impacted by the pandemic, but a bold, comprehensive, and coordinated policy package has helped cushion the economic fallout....

This 2017 Article IV Consultation highlights that Singapore's economic growth momentum has improved since late 2016, supported by a recovery in global electronics trade. Real GDP grew by 2.7 percent in the first quarter of 2017 (year-over-year). However, the recovery has not yet been broad based...

This paper outlines that the banking sector remains healthy, backed by high capital, liquidity, provisioning and profitability ratios. Sector-wide nonperforming loans (NPLs) have increased slightly (to 2 percent in 2017:Q1), due largely to stresses in the Oil and Gas (O and G) services sector....

This Selected Issues paper develops a new calibrated model of the Singapore economy, the Singapore Global Policy MODel (SGPMOD), and uses it to conduct a variety of policy experiments focused on the conduct of monetary policy. The SGPMOD is used to illustrate the role of the monetary policy...

This 2016 Article IV Consultation highlights that Singapore's economy continues to perform well despite being hit by a combination of cyclical and structural factors, originating both at home and abroad. Growth moderated from 3.3 percent in 2014 to 2 percent in 2015, and it was 2.2 percent in...

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...

This technical note Financial Stability Analysis and Stress Testing on Singapore contributes to the assessment of the stability and soundness of the financial sector with a comprehensive set of risk analyses. The work combines an examination of key risk indicators with detailed stress tests,...

This technical note evaluates the macroprudential policy framework in Singapore with a focus on the price effect of macroprudential instruments. It assesses the domestic institutional arrangement, systemic risk monitoring framework, and macroprudential policy toolkit. The note assesses the...

This Financial System Stability Assessment paper on Singapore highlights the attractiveness of Singapore as a financial center is underpinned by strong economic fundamentals, sound economic policies, and a sophisticated financial oversight framework. The financial system is exposed to global and...