Key View

• Retail sales in Singapore is on an upward trajectory, aided by the easing of domestic Covid-19 related restrictions as well as restrictions on inbound international travel. This is contributing to the recovery of the retail sector and the wider economy.
• We expect real income growth in the medium term (2022-2026) to be sluggish, and

Key View

• Following the release of Q122 GDP data showing that the Singapore economy expanded by 3.4% y-o-y, we at Fitch Solutions maintain our 2022 growth forecast at 3.0%, which would be a sharp slowing down from the 7.6% growth recorded in 2021.
• We see mounting headwinds stemming from higher commodity prices, tightening monetary policy and a

Key View

• We at Fitch Solutions maintain our 2022 growth forecast at 3.6%, following the release of data showing that Q421 saw real GDP growth of 5.9% y-o-y, resulting in full-year growth of 7.2% for 2021.
• Our forecast reflects a fading of base effects rather than a dramatic slowdown in actual economic activity, as the economy is likely to

Key View

• Patients in Singapore will have to increasingly manage their own health with the move towards digitalisation.
• Robust telehealth guidelines will lead to a thriving start-up ecosystem of digital health providers.
• Cybercrime poses limited downside risks.

Patients in Singapore will have to increasingly manage their own health with

Key View

• We at Fitch Solutions have revised our 2021 growth forecast to 6.3%, from 6.1% previously, to reflect a further improvement in Singapore’s prospects for a more resilient recovery in 2021.
• Our upward revision follows the release of figures showing a 6.5% y-o-y and 0.8% q-o-q s.a. growth in Q321, exceeding even our previous

Key View

• We at Fitch Solutions forecast Singapore’s personal care products spending to grow by 4.8% y-o-y over the medium-term (2021-2025).
• Within developed Asia, the personal care products sector in Singapore attracts the highest per capita spending, at SGD1,853.0 (USD1,393.0) compared to the regional average of USD915.0.
• Over the medium

Key View

• Healthcare financing reforms are expected to shape the business environment in Singapore.
• High prices of new cancer drugs and the affordability of treatment will remain an issue in Singapore.
• MediShield Life coverage will be enhanced for cancer treatment to cover drug bills of nearly 90% of subsidised patients.

Healthcare

Key View

• We expect changing demographics in Singapore's population to drive new trends in the buildings sector.
• The development of more healthcare infrastructure to support the ageing population will increasingly underpin our growth forecasts for the non-residential buildings sector, which will also drive gradual changes in residential

Key View

• We at Fitch Solutions still forecast a current account surplus of 19.5% of GDP in 2021, which would mark the largest surplus in more than a decade and a significant widening from 17.6% in 2020.
• While the goods balance is likely to perform slightly worse than we previously expected, we expect an outperformance in the services balance

Key View

• We at Fitch Solutions have revised our 2021 growth forecast to 6.1%, from 5.8% previously, to reflect Singapore’s prospects for a more resilient recovery in H221 as vaccinations gather pace.
• Our upward revision is despite the somewhat weaker outturn in Q221, when the economy contracted by 2.0% on a q-o-q seasonally adjusted basis