APAC Economic Perspectives: Singapore: More to build, room to grow

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APAC Economic Perspectives: Singapore: More to build, room to grow

Global Research

7 July 2026ab

APAC Economic Perspectives Economics

SingaporeSingapore: More to build, room to grow

Grace Lim

Economist

Prolonged investment cycle supports 3-4% GDP growth over 2026–28 grace-k.lim@ubs.com

+65-6495 5965

The Economic Strategy Review (ESR), launched in August 2025 and published in late

June, sets out a roadmap to enhance the economy's competitiveness, agility, and Permada Darmono

Analystresilience. Its focus on AI deployment, domestic firm scaling, and investment across

permada.darmono@ubs.com

physical, digital, and intangible capital points to a deliberate strategy aimed at lifting +65-6495 3137

investment and raising medium-term growth potential. (Figure 1ESRrecomendations,sectorexposure,andpolicyimplications). Against a backdrop of

accelerating global AI investment, sustained public infrastructure spending, and a more Michael Lim

Analyst

explicit pro-growth policy stance, we believe Singapore's growth trajectory could rise to

michael-h.lim@ubs.com

3-4% over 2026–28, supported by a prolonged investment cycle. This year is likely to +65-6495 5902

mark the third consecutive year of above-trend GDP growth, with growth projected at

4.1% after averaging 5.2% in 2024–25. Absent a global growth downturn, risks to the Calvin Chur

3% growth forecast for 2027–28 also appear skewed to the upside.

calvin.chur@ubs.com

+65-6495 3992

Five areas set for greater policy emphasis in the ESR

Claire Long

Major economic reviews (2003 ERC, 2010 ESC, 2017 CFE) have historically been Economist

triggered by structural turning points and later translated into fiscal and industrial policy claire.long@ubs.com

measures. The ESR points to five areas set for greater policy emphasis: +65 6495 7426

1.