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The median projection in the Monetary Authority of Singapore’s (MAS) latest quarterly survey of professional forecasters is near the upper end of the official forecast range of 4.5% to 5.5%, according to a statement from the government agency.

Most respondents to the September survey, released Wednesday, continue to expect no immediate change in monetary policy, although expectations have shifted further toward tightening.

Economists said the latest upgrade was expected after the authorities raised their own growth forecast range, previously set at 2% to 4%, in August.

Singapore posted a stronger-than-expected performance in the first half, with gross domestic product expanding 5.9% in the second quarter, following growth of 6.3% in the preceding three months.

The second-quarter figure exceeded the median forecast of 4.3% in the previous survey. Economists expect the economy to grow 4.6% in the third quarter.

The latest survey was sent to 25 professional forecasters on August 11 and received 21 responses. It reflects the respondents’ views rather than those of MAS.

The higher 2026 growth forecast in September reflects stronger expectations across most sectors, with the exception of accommodation and food services.

Manufacturing is expected to expand 8.4%, up from 5% last year. Construction: 7.1%, up from 6.5%. Wholesale and retail trade: 7.4%, up from 4.9%.

Resilience through the remainder of the year is “likely supported by the ongoing global artificial intelligence boom, robust financial sector performance and construction tailwinds,” said DBS senior economist Chua Han Teng, as reported by The Business Times.

He added that these factors would outweigh energy- and supply chain- downside risks stemming from geopolitical tensions.

Economists expect headline inflation to come in at 2.1%, down from 2.3%, while core inflation is forecast at 1.9%, compared with 2% in the previous survey. Both projections fall within the authorities’ forecast range of 1.5% to 2.5% for the two measures.

“While Singapore’s inflation outlook has become somewhat firmer… the latest data suggests that underlying price pressures remain contained,” Standard Chartered chief economist Edward Lee said, adding that July data came in below consensus forecasts despite increases.

Singapore ranked first in Asia and eighth globally in GDP per capita last year at $99,365, according to the International Monetary Fund.