RHB Bank has announced that it is maintaining its 2026 GDP growth projection for Singapore at 3.0%, despite ongoing global uncertainties. This decision comes as the bank assesses the balance of risks to be broadly even at this stage. The Monetary Authority of Singapore (MAS) is expected to keep its policy settings unchanged in July, although further tightening may occur later in the year if Middle East tensions continue to elevate global energy prices.
Singapore’s economy showed resilience in the first quarter of 2026, with the final GDP figures revealing a 6.0% year-on-year increase, surpassing the flash estimates of 4.6% and accelerating from a 5.7% rise in the fourth quarter of 2025. This robust performance was noted by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, who highlighted the country’s economic strength amidst challenging global conditions.
The report underscores the cautious optimism held by RHB Bank, as it navigates the complexities of the global economic landscape. The potential for policy adjustments by the MAS later in the year remains contingent on external factors, particularly the impact of geopolitical tensions on energy prices.
Looking ahead, RHB Bank’s stance reflects a balanced view of the risks and opportunities facing Singapore’s economy. The bank’s previous report, released on 18 May, upgraded the full-year Non-Oil Domestic Exports (NODX) forecast to 7.5%, further indicating confidence in the nation’s economic prospects.
