Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) has decided to maintain the current rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, reflecting a stable economic outlook despite some moderation in growth. The MAS anticipates that while GDP growth will slow, it will remain above trend due to resilient manufacturing and domestic sectors supported by ongoing global investments, particularly in AI.

• The S$NEER policy band remains unchanged, indicating a stable monetary policy stance.
• Singapore's GDP growth is projected to moderate but will still be supported by robust manufacturing and infrastructure investments.
• The economic outlook has improved with reduced uncertainty following recent trade deals, although risks from potential trade conflicts remain.
• The output gap is expected to narrow to around 0% by 2026, indicating a return to a more balanced economic environment.

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