Singapore official says trade tariffs could renew inflationary pressures, disrupt easing

A trade official in Singapore with the comments:

• Global economic uncertainties have increased, including over policies of the incoming U.S. administration.
• Singapore electronics cluster projected to continue to expand, supported by strong global semiconductor demand.
• Trade tariffs could renew inflationary pressures, which could disrupt the pace of monetary easing.
• Not ruling out that GDP growth could exceed 3.5% in 2024

Data from earlier:

• Singapore Q3 GDP +5.4% y/y (expected +4.6%, preliminary 4.1%)

In the wake of the figures the Ministry of Trade and Industry upgraded Singapore’s 2024 GDP growth forecast to around 3.5% from 2.0%-3.0% previously.

• It has also forecast Singapore’s 2025 GDP growth at 1.0%-3.0%.