Economists forecast Singapore’s economic growth by 2.4% in 2025

The economy expanded by 4.4% YoY in Q2 2025.

Private-sector economists raised their forecast for Singapore’s economic growth in 2025 to 2.4%, up from the June forecast of 1.7%.  

These projections are based on the latest quarterly survey of professional forecasters by the Monetary Authority of Singapore (MAS) released on 3 September, which compiled responses from 20 economists and analysts. The findings reflect their independent views and not the official position of the MAS.

The upgrade comes after the economy’s surprisingly strong performance in the first half of the year. Singapore’s economy expanded by 4.4% year-on-year (YoY) in Q2 2025, exceeding the respondents’ median forecast of 3.0% in the previous survey. The respondents expect the economy to grow by 0.9% YoY in Q3 2025.

According to the survey, geopolitical tensions, including the introduction of semiconductor and pharmaceutical tariffs, emerged as the most cited downside risk to the outlook for the Singapore economy. The survey’s respondents also flagged external slowdown and financial market volatility as potential risks.

The forecasted economic growth is attributed to milder-than-expected or even easing of trade tensions, the sustained tech cycle upturn, and capital inflows into Singapore.

However, economists also said that Singapore’s growth will slow down to 1.9% in 2026.