Broker Name: Maybank Research Pte Ltd
Date of Report: December 9, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Singapore’s GDP growth is forecast to be resilient, with +2.8% in 2026 and +2.9% in 2027, supported by falling interest rates, strong AI-driven electronics exports, and a sustained construction boom.
- The AI sector is driving major investments, increasing Singapore’s role in the global supply chain, and offsetting trade shocks from US tariffs. Construction growth is set to reach +6% in 2026, supported by mega projects and infrastructure expansion.
- Inflation is expected to normalize, with core and headline inflation rising to around 1.3% and 1.4% respectively, while MAS is likely to maintain a modest appreciation stance but may tighten if inflation surprises.
- Fiscal support measures and government initiatives are providing cost relief and manpower support, while retail sales remain strong due to generous vouchers, though F&B sector faces challenges.
- Risks include possible fresh tariff shocks and property market overheating, which could prompt new cooling measures from the government.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : https://www.maybank-keresearch.com
