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Singapore pauses monetary tightening as Q1 growth slows to 0.1%

Central bank keeps policy unchanged for first time in 2 years

Singapore's tourism sector has benefited from economic reopening but the manufacturing sector faces weaker demand from major trading partners.   © Reuters

SINGAPORE -- Singapore's central bank on Friday kept its monetary policy unchanged for the first time in two years, following five successive tightening moves, as the country's economy recorded its slowest growth since the COVID-19 crisis.

The Singaporean economy grew 0.1% on the year in the January to March quarter, according to preliminary figures released by the government on the same day, slowing from the 2.1% growth in the previous three months.

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