<\/p>\n
Economy estimated expanding 2.7% this year, after growing 1.1% in 2023, according to rating agency.<\/p>\n
Fitch Ratings said Friday it affirmed Singapore’s long-term foreign-currency issuer default rating at AAA with a stable outlook.<\/p>\n
The country’s rating reflects “its exceptionally strong fiscal and external balance sheets, which are supported by large external and fiscal surpluses, high income per capita, a prudent macroeconomic policy framework and a favorable business environment,” it said in a statement.<\/p>\n
“These strengths mitigate the economy’s vulnerability to external shocks arising from its high degree of openness,” it added.<\/p>\n
Fitch said it expects general government surpluses averaging 9.2% of GDP over the fiscal year ending March 31, 2025 and the following fiscal year.<\/p>\n
Singapore’s economy, however, faces long-term challenges from an ageing population, although the government’s healthcare spending has been rising and reforms aim to strengthen social safety nets and pension systems, said the agency.<\/p>\n
While the economy posted a slow growth of 1.1% last year, it is estimated expanding 2.7% this year and 3% in 2025, according to Fitch.<\/p>\n
The agency noted that Singapore’s rating could face a downgrade if there is a substantial deterioration in its external balance sheet, or a severe banking crisis that would spill over into the economy.<\/p>\n
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