SINGAPORE, July 19 (Reuters) – Singapore’s economic growth is expected to pick up next year, in line with a slowdown in the city’s major trading partners, the head of Singapore’s central bank said on Tuesday.

“The pace of economic growth will depend on the global economic environment,” said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).

“At this point, we do not expect a recession or recession in Singapore next year,” he added.

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Menon was speaking after the MAS announced its annual report.

Last week, the MAS strengthened its fiscal policy, in a gradual move, saying it would reduce inflation as the city government joins other countries in strengthening their fight against inflation. read more

Singapore’s tightening was the fourth in the past nine months, with central banks from New Zealand to Canada recently raising interest rates to curb rising consumer prices. read more

The central bank also said that Singapore’s gross domestic product growth is expected to come in at half of its forecast of 3-5% in 2022.

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Reporting by Anshuman Daga and Chen Lin Editing by Ed Davies

Our Standards: Thomson Reuters Trust Principles.

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