Hanoi (VNA) - The Singaporean Ministry of Trade and Industry on August 12 upgraded the country's gross domestic product (GDP) growth forecast for 2025 to 1.5-2.5%, up from 0-2% previously.
The ministry said that this adjustment largely reflects the better-than-expected performance of the domestic economy in the first half of 2025.
However, economic growth in the second half is forecasted to slow down, with manufacturing growth potentially weakening due to US tariffs reducing demand in global consumer markets. Additionally, wholesale trade may cool as early purchasing activities gradually decline and global trade slows. Meanwhile, decreased demand for maritime and air transportation could negatively impact the transportation and storage sectors, the ministry said.
The nation’s economy grew 4.4% in the second quarter, a slight upgrade from the advance estimate of 4.3%. GDP growth for the first quarter was 4.1%.
The ministry affirmed that it will continue to monitor developments in the global and domestic economies closely, and make adjustments to the forecast if necessary over the course of the year./.
Singapore plans economic strategy reform
The Singaporean government needs to enable people, workers and businesses to make full use of these tools, and enhance their competitive advantage. It “will walk this journey” with Singaporeans as it has done for the past six decades, said Prime Minister Lawrence Wong.
