Managing Director of the Monetary Authority of Singapore (MAS) Menon says the fight against inflation is not yet over. Comments from Menon and the MAS' reprot
- Growth will remain weak in the near term
- MAS not switching from inflation-fighting mode to growth-supporting mode
- Singapore well-positioned for a second GST hike in 2024 if inflation falls to 2.5%-3% in q4
- MAS lowers forecast range for 2023 headline inflation to 4.5% to 5.5%, vs previous 5.5% to 6.5%
- Singapore should see further reductions in inflation by year-end
- Singapore's growth prospects have dimmed, economy to operate slightly below underlying capacity
- MAS recorded net loss of S$30.8 bln for FY 22/23, reflecting effects of monetary policy tightening
- MAS stands ready to provide liquidity to ensure Singapore's financial system remains stable
- Core inflation expected to end the year significantly lower at 2.5% to 3.0%
- Monetary policy steadfastly focused on medium-term price stability
2023 GDP growth is projected at the midpoint of 0.5% to 2.5% range, moderating from 3.6% in 2022
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The Monetary Authority of Singapore, the country's central bank, left its monetary policy unchanged after five rounds of tightening since October 2021, including two off-cycle moves.
