Key View

• We forecast Singapore’s current account surplus to shrink to 12.9% of GDP in 2020, from 17.3% of GDP in 2019.
• With external demand set to plunge given the global recession, we expect the goods trade surplus to narrow significantly.
• We also expect a small surplus in the services trade balance given that both in and outbound travel is

Key View

• We at Fitch Solutions continue to forecast real GDP growth of -2.8% in 2020.
• Singapore’s economy has bottomed in Q220 with a record 12.6% y-o-y contraction in our view, and a likely continued reopening of both the local and global economies will help drive domestic and external demand over the remaining quarters of 2020.
• While

Key View

• Operators have several business models they can adopt to better engage and penetrate the growing Asian online gaming market.
• The introduction of battle royale format games and the proliferation of smartphones has shifted the dynamics of monetisation in the industry.

Asian telcos are increasingly leaning toward developing products

Key View

• Singapore's drive to phase out internal combustion-engined (ICE) vehicles by 2040 through increased incentives and charging infrastructure is feasible due to its wealthy population, small fleet size and relatively long-term target.

We believe that Singapore's drive to phase out internal combustion-engined (ICE) vehicles by 2040

Key View

• Increased longevity in Singapore will translate into higher demand for healthcare services, medicines and elderly care.
• The country’s medical system will be increasingly geared towards the health needs of the elderly with additional resources announced in the 2020 budget.
• Singapore’s healthcare and pharmaceutical market will

Key View

• We at Fitch Solutions maintain our primary budget deficit forecast at 2.2% of GDP for 2020, but see a possible range of revision to between 2.3-2.6% of GDP over the coming months.
• This is because of the downside risks to the economy posed by the 2019 Novel Coronavirus outbreak, which already has 18 confirmed cases in Singapore as of

Key View

• We expect the Monetary Authority of Singapore to keep its dovish stance in the foreseeable future and to ease policy further in 2020.
• Economic growth is likely to remain slow in 2020, due to stiff headwinds facing the exporting sector, which will encourage the central bank to guide the Singapore dollar weaker to provide support to

Singapore’s IPO market may have started to bounce back from its underwhelming performance in 2018, however, we forecast that it will face a strengthening cocktail of headwinds up ahead over the coming months. At the macroeconomic level, the fact that the souring economic performance is increasing the threat of a technical recession which would be