(Reuters) – SingaporeThe head of Singapore’s central bank said on Tuesday that the city-economic state’s growth is likely to slow down even more next year. This is because Singapore’s major trading partners are also slowing down.
“How much growth slows down will depend in part on how the world economy plays out,” said Ravi Menon, the managing director of Singapore’s Monetary Authority (MAS).
“As of now, we don’t think Singapore will have either a recession or stagflation next year,” he said.
When Menon spoke, the MAS had just released its annual report.
The Monetary Authority of Singapore (MAS) tightened its monetary policy last week, which was out of the ordinary. They said this would slow inflation as the city-state joined other countries in stepping up their fight against rising prices. [L1N2YV00K]
Singapore’s move was its fourth tightening in the past nine months. Central banks from New Zealand to Canada have recently raised interest rates to keep consumer prices from going up too fast.
The central bank said again that the growth rate of Singapore’s GDP is expected to be in the lower half of the range of 3–5 percent for 2022.
