Singapore expects economy to improve in second half of 2024
SINGAPORE - Singapore expects muted prospects for its economy in the short-term amid global uncertainty, but the second half of 2024 should bring gradual improvement, its central bank said on Monday.
"In the absence of renewed shocks or setbacks in the global economy, the Singapore economy should benefit as the global tech industry gradually emerges from its trough and global interest rates level off over 2024." Core inflation, which excludes private road transport and accommodation costs, has cooled from a 14-year high of 5.5% in January to 3.0% in September."Shocks to global food and energy prices or domestic labour costs could bring about additional inflationary pressures. However, a sharper-than-expected downturn in the global economy could induce a general easing of cost and price pressures.
The central bank kept monetary policy settings unchanged in April and October after tightening five times in a row from October 2021.
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