This Selected Issues Paper discusses some observations on Singapore's monetary policy framework. Singapore's monetary policy uses the nominal effective exchange rate (NEER) as the instrument in a basket-band-crawl framework. The paper finds that under some conditions an exchange rate-based...

KEY ISSUES Context. Growth recovered and inflation declined sharply in 2013. Leverage has risen, with real estate a major beneficiary, but providing only a muted growth impulse. Intensive use of macroprudential measures recently stabilized house prices, which had grown rapidly. The financial...

The 2023 Article IV Consultation highlights that Singapore's post-pandemic recovery is nearly complete. Strong economic fundamentals and the authorities' decisive policy responses, including an unprecedented policy stimulus, supported a rapid recovery from the coronavirus disease 2019 shock....

This 2022 Article IV Consultation discusses that Singapore's skillful containment measures, effective vaccination campaign and decisive policy support helped the economy to recover impressively. Growth is expected to remain above potential in the near term and broaden across sectors, supported...

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...

KEY ISSUES Outlook and risks. Following an upturn in 2013, growth is expected to moderate somewhat during 2014-2015, narrowing the positive output gap. The impact of recovering demand in advanced economies is likely to be offset by the ongoing real appreciation of the currency and the gradual...