Steady growth seen in 2025 driven by manufacturing

RHB has kept its GDP growth forecast at 3.0%, whilst UOB expects growth to come in slightly lower at 2.5%.

Singapore’s economy is projected to grow steadily in 2025, with economists from RHB and UOB maintaining optimistic yet cautious forecasts.

RHB has kept its GDP growth forecast at 3%, which is at the upper end of the official projection range of 1%–3%.

UOB, meanwhile, expects growth to come in slightly lower at 2.5%, citing potential downside risks stemming from external factors.

RHB highlighted Singapore's resilience in the manufacturing sector as it rebounded with a 4.3% YoY growth in 2024, after contracting by 4.2% in 2023.

UOB also observed robust growth in manufacturing, which posted a 7.4% YoY increase in the fourth quarter of 2024, fuelled by demand for semiconductor chips in the PC, smartphone, and data center markets.

The wholesale trade sector followed suit, growing by 6.7% YoY during the same period. However, consumer-facing sectors like retail trade and food & beverage remained sluggish, as locals shifted their spending overseas despite a gradual recovery in tourist arrivals.

RHB forecasts that the Monetary Authority of Singapore (MAS) will keep its policy parameters unchanged, with core inflation stabilising at 1.8% and headline inflation at 2.3%.

The strong domestic wage growth and local employment rates are expected to cushion the impact of global trade uncertainties.

On the fiscal front, RHB anticipates that the upcoming Budget 2025 will adopt an expansionary stance, with a projected deficit of 0.8% of GDP.

Looking ahead, both banks see the electronics, finance & insurance, and transport engineering sectors as key growth pillars for 2025.

The global electronics cycle remains a significant tailwind, whilst Singapore's strategic role in the semiconductor supply chain positions it well for continued growth.

However, the pace of growth may moderate in the latter half of the year, especially if geopolitical tensions escalate or global monetary conditions tighten unexpectedly.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia