Michelle Jamrisko, Bloomberg News Signage for the Monetary Authority of Singapore (MAS) is displayed outside the central bank s headquarters in Singapore, on Tuesday, Oct. 22, 2019. Singapore s economy may be a few quarters away from a recovery as the decline in trade and manufacturing this year hasn t really spread to other sectors, the central bank s chief said. Photographer: Ore Huiying/Bloomberg , Bloomberg
(Bloomberg) With Singaporeâs central bank widely expected to keep policy settings unchanged Wednesday amid an economic recovery and strong fiscal support, the city-stateâs longer-term outlook will be parsed for signs of future tightening.
The Monetary Authority of Singapore, which uses the currency as its main policy tool rather than interest rates, probably will refrain from changing any of the three currency band settings, according to all 16 economists surveyed by Bloomberg.
SINGAPORE (Feb 16): Singapore plans to rein in its budget deficit as the economy recovers, while digging deeper into government reserves for a new S$11 billion (US$8.3 billion) package to help households and businesses rebound from the Covid-19 pandemic. Even as our economy recovers gradually and some sectors grow well, some other sectors remain stressed, Deputy Prime Minister Heng Swee Keat said on Tuesday in the annual budget speech to Parliament. Our fiscal approach must strike a careful balance between addressing our immediate needs and meeting our longer-term structural needs in a responsible manner.
The new package comes after Singapore s economy endured its biggest-ever contraction in 2020, with gross domestic product (GDP) shrinking 5.4%. Growth is expected to rebound to 4%-6% this year, but the outlook remains challenging for some important sectors including aviation, transport, and hospitality.
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