In its latest Financial Stability Review released this week, the Monetary Authority of Singapore (MAS) cautioned against the further build-up of household debt, which has risen during the pandemic even as the economy has slowed.
Compared with pre-Covid-19 levels in the last quarter of 2019, household debt rose by 3.7 per cent in the third quarter of this year, while nominal gross domestic product (GDP) declined by 0.1 per cent over the same period. As a percentage of GDP, household debt has risen to 70 per cent - 3 percentage points higher than the pre-pandemic level. The growth of such debt was especially pronounced over the past year, rising by 6.8 per cent in absolute terms.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
