At the same time, the pair are reiterating their 2025 gross domestic product (GDP) growth forecast of 3.2%. Chua and Lee had previously upgraded their GDP forecast to 2.4%, following stronger-than-expected GDP growth in the second quarter.
Singapore’s non-oil domestic exports (NODX) 13% y-o-y climb in the month of June on the back of continued frontloading ahead of US President Donald Trump’s July 8 deadline has inspired largely neutral outlooks from economists.
Economists Chua Hak Bin and Brian Lee Shun Rong at Maybank Securities (Maybank) have upgraded their 2025 NODX forecast to 4%, which they note implies a slower growth of 2.8% in the second half.
