AMRO：2025年新加坡年度咨询报告（英文版）

1. Singapore’s economic growth is set to moderate after a strong outturn in 2024 and the first three quarters of 2025. Robust consumption, investment and front-loading of activities in expectation of United States tariffs lifted growth to 4.4 percent in 2024 and 4.3 percent in the first three quarters of 2025. The momentum was further aided by the global electronics upcycle, AI-related demand, and firm activity in financial services. As U.S. reciprocal tariffs take effect, Singapore’s growth