Singapore Inflation Eases But Remains High; MAS Chief Cautions Against Premature Policy Shift
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Core inflation in Singapore has eased from multi-year highs but remains above past average of around 2%. MAS chief says it's too early to declare victory.
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It would be premature to shift to a looser monetary policy stance as core inflation is still around 3%, says outgoing MAS chief Ravi Menon.
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Global economic outlook clouded by uncertainties like high interest rates and China slowdown, but global recession in 2024 unlikely, according to Menon.
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Singapore economy went through "bad patch" in line with global slowdown, but may have bottomed out and should improve gradually in 2024.
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Additional tightening by MAS paused for now, but also too early to ease policy as that may cause inflation to surge again.