![]() Common pathways (college & universities).Understand the Canadian education system.With assistance from Tomoko Sato, Aradhana Aravindan, Natalie Choy, Xiao Zibang, Chester Yung and Marcus Wong. “Surprise is the switch to quarterly MAS meeting,” said Selena Ling, chief economist at Oversea-Chinese Banking Corp in Singapore, as she said the manufacturing sector contraction in the third-quarter was less than expected. Even so, the width of the band allows some scope to ease off if needed before the next meeting in January.” “The Monetary Authority of Singapore’s hold on policy keeps the focus on inflation, which remains elevated. For now, the government has unveiled measures to shield citizens from higher costs of living. The conflict in the Middle East is threatening to push up energy costs, with gas, electricity and water prices set to rise in the coming months.Īlso, a one percentage point hike in a consumption tax will kick-in at the start of 2024. “However, the global economic outlook remains uncertain and the domestic recovery could be weaker than expected,” it said, judging the current appreciating path of the Singapore dollar’s nominal effective exchange rate or S$NEER to be sufficiently tight.įriday’s decision extends the MAS pause in April after five rounds of tightening between October of 20 to blunt the impact of imported inflation.Įven as price gains have trended lower, the monetary authority isn’t ready yet to a pivot to easing amid potential risks to price pressures. “Singapore’s GDP growth is expected to improve gradually over 2024,” the monetary authority said in the statement. While the numbers signal that the city-state’s recovery is gaining momentum, sustaining that performance depends on how well global demand for goods rebounds. Compared with a year ago, the economy expanded 0.7%, versus a 0.4% median gain in a Bloomberg survey of economists. GDP grew an annualized 1% from the second quarter. The central bank decision came alongside data that showed an faster-than-expected economic expansion in the third quarter from the previous three months. It expects core inflation to come in at around 4% this year, and around 2.5%-3.5% in 2024. The MAS reiterated the government’s forecast for a full-year expansion of 0.5%-1.5%, saying growth is expected to come in at the lower half of that range. ![]() “In the near term, global final demand is expected to soften amid elevated interest rates,” the MAS said, adding that growth in Singapore’s major trading partners should gradually pick up later in 2024 although the timing and extent of recovery remain uncertain. The continuing contraction in exports, which are more than one-and-a-half times the island’s GDP, weighed on their minds as evident from the policy statement. Health of the economy is the main concern for policymakers now, even after third-quarter data showed gross domestic product growth surprised on the upside. The Singapore dollar held steady after the decision, which was predicted by all 18 economists in a Bloomberg survey. ![]() ![]() It doesn’t disclose details of the basket, or the band or the pace of appreciation or depreciation. The central bank guides the local dollar against a basket of its major trading partners and adjusts the pace of its appreciation or depreciation by changing the slope, width and center of the currency band. The next monetary policy statement will be released in late January, it said.
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