SINGAPORE (Reuters) – Singapore’s economic growth is expected to moderate further next year, in line with a slowdown in the city-state’s major trading partners, the head of Singapore’s central bank said on Tuesday.
“The extent of the growth moderation will depend in part on how the scenarios for the global economy will pan out,” said Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS).
“As of now, we expect neither a recession nor a stagflation in Singapore next year,” he added.
Menon was speaking after the MAS announced its annual report.
Last week, the MAS tightened its monetary policy, in an off-cycle move, saying the action would slow inflation as the city-state joined other countries in ramping up their battle against mounting price pressures. [L1N2YV00K]
Singapore’s tightening was its fourth in the past nine months, with central banks from New Zealand to Canada recently hiking interest rates to restrain soaring consumer prices.
The central bank reiterated that Singapore’s gross domestic product growth rate is expected to come in at the lower half of the 3-5% forecast range for 2022.
(Reporting by Anshuman Daga and Chen Lin; Editing by Ed Davies)
