The Monetary Authority of Singapore on Wednesday said inflation is set to range between 4 and 4.5 percent in 2012, up from the prior forecast of 3.5 percent to 4.5 percent.
The central bank retained its growth forecast of 1 percent to 3 percent for 2012. The estimate is based on assumptions that there is no recession in the U.S., no significant escalation of the euro zone crisis and no hard landing in China.
However, economic growth could fall below 1 percent this year if downside risks from external environment worsen, MAS Managing director Ravi Menon warned.
The city-state economy grew about 4.2 percent in the first half of 2012.
In the annual report, the MAS said it did not transferred profits to the government in the financial year ended March 31, which boosted reserves and capital. The central bank logged a net profit of S$2.77 billion after reporting a loss of S$10.9 billion in the previous financial year.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.