From the Monetary Authority of Singapore, the country’s central bank:
-
Global inflation seen easing in 2023 as major c.banks withdraw policy
accommodation and supply challenges addressed - However, global
inflation outlook is subject to considerable uncertainty - Additional strains
on supply chains could cause further price shocks - Singapore economic
growth is expected to moderate further in 2023, in line with slowdown
in its major trading partners - As of now, we expect
neither a recession nor a stagflation in Singapore next year” - Effects of its four
monetary policy tightening moves are still working their way through
the economy and will continue to dampen inflation over the next 12
mths -
to prevent further build-up in labour cost pressures, it is important
that the inflow of non-resident workers continues unimpeded - closely monitoring
any systemic risk to financial system arising from debt related
stresses in corporate and household sectors - c.bank supervisors
have stepped up engagement with banks on their asset quality,
including adequacy of provisioning against possible asset quality
deterioration - stress tests on
balance sheets of SGX-listed firms show that most corporates would be
resilient to interest rate and earnings shocks - stress tests by mas
suggest most households should be able to service their debts even
under scenarios of sharp interest rate hikes and significant income
losses
Also had comments on crypto regulation.
