Barnabas Gan, chief economist at a Malaysian bank, said in a note that
intensifying economic headwinds and global geopolitical uncertainty are likely
to weigh on consumer and business confidence and curb discretionary spending in
H2, notably in fashion and entertainment. Elevated fuel and transport costs
could pass through to broader consumer prices, lift inflation and erosion
purchasing power. The bank maintains its forecast for Singapore retail sales
growth of 3.0% in 2026.
