Singapore growth to moderate further next year, global inflation expected to ease

"We are seeing a surge in inflation globally because a robust demand recovery post-COVID has run into supply-side frictions and, more recently, war-related disruptions," said Ravi Menon, the managing director of the Monetary Authority of Singapore .

Last week, Singapore tightened its monetary policy in an off-cycle move that came just after Canada's surprise 100 basis point interest rate hike and before an out-of-cycle rate hike in the Philippines. [L1N2YV00K] "Inflation is expected to ease in 2023 as major central banks withdraw policy accommodation and supply challenges are addressed," the MAS said in its annual report.

Referring to Singapore, Menon said:"The extent of the growth moderation will depend in part on how the scenarios for the global economy will pan out. As of now, we expect neither a recession nor a stagflation in Singapore next year," he added.

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