Singapore’s central bank warned on Wednesday that the city-state’s economy is “projected to moderate in the second half of 2025 from its strong pace in [the first half],” as it kept its monetary policy unchanged.
The Monetary Authority of Singapore said it would hold the width and level at which its policy band is centered amid trade concerns from the Trump administration.
“In particular, the trade-related sectors should see some pullback,” the central bank said in its monetary policy statement.
“Prospects for the Singapore economy remain subject to significant uncertainty, especially in 2026. Changes in effective tariff rates worldwide could impact the performance of Singapore’s externally-oriented sectors.”
Financial volatility and geopolitical shocks could deepen the impact of the global slowdown and add pressure on Singapore’s growth outlook, MAS said.
