Singapore central bank eases policy as economy avoids recession

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MAS is prepared to recalibrate monetary policy should prospect for inflation and growth weaken significantly. FMTNews

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SINGAPORE: Singapore eased monetary policy for the first time since 2016, seeking to shore up growth as the trade-reliant economy narrowly missed falling into recession.

In a separate report, data showed gross domestic product rebounded from a contraction in the second quarter, gaining an annualized 0.6% in the third quarter from the previous three months.Compared with a year ago, GDP rose 0.1%, unchanged from the second quarter. Core inflation is expected to come in at the lower end of the 1-2% range in 2019 and average 0.5-1.5% in 2020“We think the MAS’ core inflation forecast for 2020 suggests the door for further easing is open, if needed,” said Divya Devesh, head of Southeast and South Asia currency research at Standard Chartered Plc in Singapore.

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