The Monetary Authority of Singapore said in its latest half-yearly macroeconomic review that the third quarter of 2023 was likely the turning point in the economic slowdown.
is projected to improve in the second half of next year after facing an “effective standstill” since late 2022, the Monetary Authority of Singapore said on Monday .around the world level off, MAS said in its latest half-yearly macroeconomic review.For 2024, growth is projected to improve gradually in the second half of the year, and come in closer to its potential rate for the year as whole,” the report said.
“The third quarter of this year likely marked the turning point in the slowdown,” MAS said. Manufacturing output has likely bottomed, and activity in financial services could pick up as interest rates peak.Core inflation, which excludes accommodation and private transport, is expected to edge down to between 2.5 and 3 per cent by December. At the start of the year, the figure stood at a 14-year high of 5.5 per cent.
In early 2024, both headline and core inflation are likely to see a temporary increase as the Goods and Services Tax rises to 9 per cent and public transport fare hikes kick in. Headline inflation may also rise due to higher Certificate of Entitlement premiums and petrol prices. The nominal income of those between the 21st and 80th percentile rose 42 per cent, compared with 36 per cent for higher- and lower-income earners.