Analysts from BMI, a Fitch Solutions company, stated in a report that Singapore's GDP growth in 2026 could slow markedly due to external headwinds. There are already signs that the Singaporean economy is decelerating, with seasonally adjusted quarter-on-quarter GDP growth for the fourth quarter reaching 1.9%, down from the 2.4% expansion seen in the third quarter. The analysts indicated that exports are set to normalize after a period of front-loading, and the global semiconductor upcycle appears to have peaked, which will subsequently weigh on Singapore's exports of machinery and transport equipment. BMI maintains its forecast for Singapore's 2026 GDP growth at 1.5%, which is lower than the projected 4.8% growth rate for 2025.