Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
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China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Fed’s Dovish Tone Sends Dollar Lower as Markets Price In More Rate Cuts 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Singapore has raised its economic growth forecast for 2025 after reporting stronger-than-expected GDP performance in the third quarter. Official data showed the economy expanding 4.2% year-on-year in Q3, surpassing both the government’s advance estimate of 2.9% and economists’ median forecast of 4.0%. On a quarter-on-quarter seasonally adjusted basis, GDP grew 2.4%, highlighting continued resilience in the city-state’s recovery.
Following the upbeat results, the Ministry of Trade and Industry (MTI) upgraded its 2025 GDP outlook to “around 4.0%,” significantly higher than its earlier projection of 1.5% to 2.5%. For 2026, MTI expects growth to ease, forecasting an expansion of between 1.0% and 3.0%. Officials attributed the improved outlook to stronger-than-anticipated economic performance among Singapore’s major trading partners during the third quarter of 2025.
However, MTI cautioned that global risks persist. Permanent secretary Beh Swan Gin noted that ongoing trade tensions and a potential slowdown in artificial intelligence-related capital spending could weigh on future growth. While demand for AI services remains solid, he warned that investment could weaken if capital markets deteriorate.
Enterprise Singapore also updated its outlook, narrowing its 2025 non-oil domestic exports (NODX) forecast to “around 2.5%,” supported by robust AI-driven demand and elevated gold prices. For 2026, it expects NODX to grow between 0% and 2%.
In its October review, the Monetary Authority of Singapore (MAS) kept monetary policy unchanged, citing steady growth despite U.S. tariffs. MAS chief economist Edward Robinson said the current policy stance remains appropriate, with a positive output gap anticipated through 2025.
Singapore continues to face tariff-related headwinds, including a 10% U.S. levy on its exports and sector-specific duties such as a pending 100% tariff on branded pharmaceuticals. Authorities previously announced a delay in the implementation of the drug tariff to allow negotiations for potential exemptions.
