International Monetary Fund. Asia and Pacific Dept
INTERNATIONAL MONETARY FUND
This 2013 Article IV Consultation highlights that since the robust recovery from the global financial crisis, Singapore's growth momentum has eased and become more erratic. Growth decelerated to 11/4 percent in 2012 before picking up sharply in the first half of 2013. This reflects shifts in G3 (U.S., Europe, and Japan) demand and global risk appetite. At the same time, the current account surplus narrowed sharply to a still-high 181/2 percent of GDP in 2012. The near-term outlook is for GDP to grow by 31/2 percent in 2013-2014, supported by stronger demand from major advanced economies, despite some softening in regional economies.