Singapore keeps 2026 economic growth forecast at 2-4% despite higher downside risks from Iran war

Singapore keeps 2026 economic growth forecast at 2-4% despite higher downside risks from Iran war

Singapore maintained its 2026 GDP growth forecast at 2-4% despite Iran war pressures, after Q1 came in at 6% YoY — above the 4.6% April estimate — driven by wholesale trade, manufacturing, and finance. AI-related semiconductor demand (networking and memory chips for data centres) remains a key growth driver, but Strait of Hormuz disruptions and rising inflation represent material downside risks for trade-dependent supply chains and energy-intensive budgets.