Singapore's Central Bank Holds Monetary Policy Amidst Economic Uncertainty

Singapore's central bank, MAS, expects the country's GDP growth to "moderate significantly" this year, with prospects for growth dimming. The manufacturing sector, which makes up the largest portion of Singapore's GDP, contracted by 6% in Q1 2023. MAS also expects inflation to stay elevated over the next few months but to slow down in the second half of the year and end the year significantly lower. The central bank will maintain its monetary policy and halt its five-straight tightening decision streak since October 2021.