How resilient is Singapore to global shocks?

Here is what Moody's has to say.

Moody's Investors Service says Singapore has demonstrated a very high degree of resilience to global financial shocks, despite the openness of its economy and its dependence on global trade and finance.

Singapore's Aaa sovereign rating and stable outlook reflect Moody's assessment in four factors, namely its "very high" economic, institutional, and government financial strengths, as well as its "low" susceptibility to risks from financial, economic, and political events.

According a new Moody's report titled "Credit Analysis: Singapore," the substantial accumulation of public savings, along with fiscal prudence and a fully funded public pension system, supports the Singaporean government's strong financial position.

Singapore's "very high" economic strength mainly reflects the trend of a high growth rate for an advanced economy, as well as high per-capita income. Singapore's scores on these metrics have exceeded the Aaa medians in both real GDP growth and per-capita income in terms of purchasing power parity over the last 10 years.

In addition, sound regulatory and supervisory frameworks have helped foster a strong and well-managed financial system.

These factors, coupled with a competitive economy and investment regime, have led to a strong external position. Singapore has one of the world's largest net-asset international investment positions.

Moreover, a strong balance sheet ensures debt affordability and buffers external shocks. The government has also maintained the focus of its monetary policy on financial prudence, while accommodating demands for
greater social equity.

The rating is also supported by the track record of political stability and social cohesion since the country's independence in 1965, despite the gradual increase in the opposition to the ruling party's monopoly on
political power.

Challenges facing the authorities include containing consumer price and property inflation over the near term, and fostering a growth model that is driven by productivity and innovation over the longer term.

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