Key View: We forecast real household spending in Singapore will grow by a further 2.28% y-o-y over 2023, a slight slowdown from 2.32% y-o-y growth in spending recorded in 2022. High-frequency data show retail sales have reached its sixth month of continuous albeit slowing growth. However, increased sales revenue could be driven by rising prices

Key View

• We at Fitch Solutions have revised up our 2022 real GDP growth forecast for Singapore to 4.0%, from 3.5% previously, after advance estimates showed that the economy expanded by a stronger than expected 4.4% y-o-y in Q3, resulting in a cumulative growth of 4.3% y-o-y in the first nine months of the year.
• In contrast, we have lowered

Key View

• We at Fitch Solutions believe that Singapore will remain one of the most politically stable markets in the world over the coming years despite the ongoing leadership transition within the ruling People’s Action Party.
• There are two possible scenarios for when the leadership transition could take place; in both cases, however, we

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• Singapore and India have signed an agreement to facilitate regulatory collaboration and partnership in fintech. According to the Monetary Authority of Singapore and India’s International Financial Services Centres Authority, the agreement will promote regulatory sandbox collaboration and sharing of non-supervisory related information

Key View

• Singapore will remain an attractive location for pharmaceutical manufacturing due to its business-friendly economy, combined with political stability and its geographical location in Asia Pacific.
• The pharmaceutical industry will remain an increasingly important component of Singapore’s manufacturing sector.
• Singapore is one of the

Key View

• We at Fitch Solutions have revised up our 2022 real GDP growth forecast for Singapore to 3.5%, from 3.0% previously, after advance estimates showed that the economy expanded by 4.8% y-o-y in Q2, resulting in a cumulative growth of 4.4% y-o-y in H122.
• However, we maintain our view for growth to moderate over the coming quarters as the

Key View:

• Singapore’s fully liberalised fuel market structure and substantial dependence on imports mean domestic fuel prices are set to see rampant rises in the coming months, in reflection of surging global oil and gas prices amid uncertainties stemming from the war in Ukraine.
• The surging prices of oil and gas pose downside risk to

Key View

• The food and drinks industry in Singapore offer good growth for companies looking to gain market share through innovative offerings and an opportunity to tie the trend of premiumisation to the successes of food tech in the city.
• The attractive consumer market is supported by high disposable incomes, which will outpace inflation over

Key View

• We at Fitch Solutions continue to see a high degree of political stability in Singapore with the nomination of Finance Minister Lawrence Wong as the successor to Prime Minister Lee Hsien Loong on April 14.
• We expect Wong and his colleagues to maintain a high degree of policy continuity and preserve Singapore’s business friendly