MAS Survey Points to Higher Singapore GDP Growth, Steady Policy Path

The Monetary Authority of Singapore’s quarterly survey released on Wednesday showed economists have raised Singapore’s 2025 growth outlook and expect monetary policy to remain unchanged at the next review. The survey, based on private-sector responses, does not represent MAS’s own views or forecasts. The median growth forecast was lifted to 2.4% from 1.7% in June, after the government raised its 2025 range to 1.5–2.5% in August on stronger H1 results. Economists projected Q3 growth at 0.9% year-on-year. Geopolitical tensions were cited as the main downside risk, while easing trade frictions and a tech upturn were seen as key upsides. MAS held policy steady in July after easing in January and April, with most expecting no change in October or January 2026. Inflation forecasts remained subdued: core inflation was trimmed to 0.7% from 0.8%, headline stayed at 0.9%, and July’s 0.5% core inflation marked the lowest in over three years.