The city-state of Singapore faces an unclear economic future with downside risks if the global economy weakens. The central bank of Singapore said on Wednesday.
According to a semi-annual report from the Monetary Authority of Singapore (MAS). The economy has been noticeably slowing since the final quarter of 2022 due to declines in trade-related sectors during the global manufacturing crisis.
It said that it anticipates core inflation to range between 3.5 percent and 4.5% on average in 2023. Indicating that core inflation has peak and will conclude the year much lower.
The repercussions of a significant tightening of monetary policy are expect to result in a slowdown in both global GDP and inflation, according to the MAS.