Singapore expects a pick up in the growth momentum in the second half of 2024. GDP is likely to come in closer to potential rate of 2 percent to 3 percent for the full year. On July 23rd, the central bank announced that it was reviewing its forecast for its Consumer Price Index for June after its headlined inflation fell to an annual rate of 2.4 percent from 3.1 percent in May. That was the lowest rate since August 2021. MAS will therefore maintain its prevailing rate of appreciation of the S$Neer policy band. The prevailing rate of appreciation will restrain imported inflation as well as domestic cost pressures and ensure medium term price stability. (4th Aug 2024 ST news)
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