Singapore last month also downgraded its GDP forecast for 2025 to 0% to 2% from the previous 1% to 3%, citing the direct and indirect impacts of the U.S. tariffs, and officials have said there is a risk of recession in the city-state.

SINGAPORE: Singapore’s core inflation rose in April, marking the first year-on-year increase after six months. Core inflation, which excludes private transport and accommodation, came in at 0.7 per cent in April.

Singapore’s key inflation gauge accelerated for the first time since September, driven by an increase in healthcare, education and food prices.