Singapore’s Ministry of Trade and Industry (MTI) forecasted GDP growth for 2025 at 1.0–3.0%, expecting slower growth among key trading partners like the US and China.
Global economic uncertainties persist due to unclear US policy directions and ongoing trade tensions.
GDP growth
The US has introduced a 10% baseline tariff on all countries, with higher reciprocal tariffs targeting nations with large trade surpluses, though these are paused for 90 days except for China.
The US-China tariff war has worsened, with both sides escalating tit-for-tat tariffs, while existing US product-specific tariffs remain and more may follow.