Singapore can take more fiscal, monetary policy measures if necessary

© . FILE PHOTO: A view of Singapore’s city skyline Dec 31, 2020. REUTERS/Edgar Su SINGAPORE () – Singapore’s finance minister said on Tuesday the city-state’s economy should continue to grow this year, but authorities were unable to ready to bet more. fiscal and monetary policy measures if a worsening crisis between Russia and Ukraine would affect growth and inflation. The government had predicted that gross domestic product would grow by 3-5% by 2022. The prediction was made before the Russian invasion of Ukraine. Moscow calls his performance there a “special operation”. “Our basic assumption and projection is still that we can still continue to grow as an economy this year,” Lawrence Wong told a business forum. “But you can’t rule out any more adverse situations or scenarios where we might end up in a recession, or we’ll start with stagflation-like conditions,” he said. “If things start to get worse in Ukraine and we see a huge impact on our economy or on inflation, we certainly won’t hesitate to do more, either through fiscal or monetary policy, to make sure we keep the economy stable. hold or stabilize prices.” Over the past two years, the government has pledged nearly S$100 billion ($73.61 billion) to protect its people, businesses and the economy from the effects of the pandemic. The Monetary Authority of Singapore tightened its policy framework in January amid increased inflationary pressures in the region. Many economists expect that policy will be tightened again in the April review. Wong said the government is closely monitoring the impact of the crisis on the economy, but households, workers and businesses will reap the benefits of the measures announced in the February budget in the coming months. He expects the staff shortage in Singapore to ease as the country gradually reopens. “I’m pretty sure we’ll soon be able to open up to more free international travel and when that happens it will be much easier for companies to bring in employees,” he said. ($1 = 1.3585 Singapore Dollar) Disclaimer: Fusion Media would like to remind you that the data contained on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

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