Singapore: Staff Report for the 2011 Article IV Consultation

International Monetary Fund

No 2012/042, IMF Staff Country Reports from International Monetary Fund

Abstract: Singapore’s economy is slowing against the backdrop of a deteriorating external environment and a softening of exports. The main near-term risks are a protracted slowdown in advanced economies and a sharp increase in global financial stress. Given Singapore’s openness, these shocks would hit the economy severely through weaker exports, reduced capital inflows, slower credit, and a fall in financial market activity. The authorities have sufficient policy space to deploy a decisive response in case these risks materialize. A rapid increase in foreign currency lending may also raise the risk of funding strains.

Keywords: ISCR; CR; Singapore economy; core inflation; Singapore; headline inflation; mas core inflation; medium-term challenge; IT market; growth outlook; Inflation; Housing prices; Housing; Credit; Loans; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 48
Date: 2012-02-10
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