SINGAPORE – The Singapore economy will proceed to get better, however may even expertise elevated inflation by 2022, stated the International Monetary Fund (IMF) in a report on Friday (July 22).

The economy will develop at a tempo of three.7 per cent this year, whereas headline inflation – which covers all items and providers – will are available in at about 4.8 per cent, stated the IMF report issued after after consultations with officers right here.

The Government’s personal outlook is forgrowth to return in at the decrease half of its 3 to five per cent forecast vary. The Monetary Authority of Singapore in the meantime simply raised its headline inflation forecast for 2022 to five to six per cent.

IMF stated progress in Singapore is being pushed by pent-up demand because the economy reopens, stress-free most Covid-19 curbs on mobility.

“Singapore’s skillful containment measures, effective vaccination campaign and decisive policy support helped the economy to recover impressively,” the report stated.

However, the fund warned: “The outlook is subject to significant uncertainty and risks are titled to the downside.”

Inflation has been pushed up by rising home price pressures, in addition to exterior components such because the warfare in Ukraine that has pushed up commodity costs and tightened provide situations.

IMF stated the dangers stem principally from the Ukraine battle and the associated sanctions imposed on Russia, China’s progress slowdown, and rate of interest hikes in superior economies to tame inflation.

It additionally stated that the specter of vaccine-resistant new Covid-19 variants proceed to linger.

With the restoration in home demand, IMF stated Singapore’s present account surplus is predicted to say no to 13.2 per cent of GDP in 2022 from 18.1 per cent in 2021.

Over the subsequent three to 5 years, GDP progress ought to converge to 2.5 per cent and inflation stabilise at 1.5 per cent.

IMF holds bilateral discussions with members, normally each year. A workers crew visits the nation, collects financial and monetary data, and discusses with officers the nation’s financial developments and insurance policies earlier than issuing its nation report.

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