In the Monetary Authority of Singapore’s (MAS) June survey of professional forecasters, economic growth could moderate this year while inflation could rise.
Respondents to the MAS survey expect the Singapore economy to grow by 3.0% to 3.4% this year. This is down from the previous survey in March of 3.5%–3.9% GDP growth. The Singapore economy expanded by 6.0% y-o-y in 1Q2026, slightly exceeding the respondents’ median forecast of 5.8% in the previous survey. In the current survey, the respondents expect the economy to grow by 4.3% y-o-y in 2Q2026. GDP is projected to expand by 2.7% in 2027.
The current median forecast for CPI-All Items inflation in 2026 is 2.3%, higher than 1.5% in the March 2026 survey. The median forecast for MAS Core Inflation has also risen to 2.0%, from 1.5% in the previous survey. For 2Q2026, respondents expect CPI-All Items and MAS Core Inflation to come in at 2.1% and 1.6% respectively. CPI-All Items inflation came in at 1.5% y-o-y in 1Q2026, in line with respondents' median forecast in the previous survey. MAS Core Inflation was 1.4% y-o-y, 0.2% point below respondents' expectations.
On the labour market front, respondents expect the unemployment rate to remain at 2.1% at year-end, unchanged from the March 2026 survey.
