Singapore’s Bullish Economic Outlook: A Surge Towards 2040

DBS Group Research forecasts Singapore's economy will double by 2040, with GDP reaching $1.2-$1.4 trillion. The Singapore dollar may achieve parity with the U.S. dollar as the Straits Times Index breaks a long-standing stalemate. Timely policies and financial initiatives bolster this optimistic outlook.

Singapore's economic forecast is optimistic as DBS Group Research anticipates the gross domestic product doubling by 2040. DBS expects the Straits Times Index to near 10,000 and the Singapore dollar to reach parity with the U.S. dollar.

Timothy Wong of DBS highlights Singapore's positive long-term outlook despite global uncertainties, predicting GDP will soar to $1.2-$1.4 trillion by 2040. Key factors include disciplined policies, capital inflow, productivity gains, and a strong current account surplus.

At a DBS event, National Development Minister Chee Hong Tat emphasized strengthening of Singapore's capital markets. He noted ASEAN's economic ascent and Singapore's growing financial sector, stressing strategic initiatives to boost market liquidity and global economic connectivity.

(With inputs from agencies.)