Singapore's Ministry of Trade and Industry has upgraded its 2025 GDP growth forecast to approximately 4.0%, following a robust 4.2% year-on-year increase in Q3 2025, surpassing market expectations. The previous growth projection was between 1.5% and 2.5%. The government also adjusted its 2026 growth outlook to a range of 1.0% to 3.0%, anticipating a slowdown due to a cooling global economic cycle. Enterprise Singapore predicts a 2.5% rise in non-oil domestic exports for 2025, with a potential slowdown to 0.0%–2.0% in 2026. The Monetary Authority of Singapore maintained its monetary policy stance in October. Meanwhile, U.S. tariffs, including a possible 100% levy on branded pharmaceuticals, pose a risk, although their implementation has been postponed for further negotiations.