Singapore
In: IMF Staff Country Reports v.Country Report No. 14/312
KEY ISSUESOutlook and risks. Following an upturn in 2013, growth is expected to moderatesomewhat during 2014-2015, narrowing the positive output gap. The impact of recovering demand in advanced economies is likely to be offset by the ongoing real appreciation of the currency and the gradual tightening in global monetary conditions. Transitional costs related to the economic restructuring (see next paragraph) are also expected to dampen growth in the near term. As a very open economy, Singapore is particularly exposed to external risks related to a protracted period of slower growth in advanced