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Economy

Singapore tightens monetary policy as Ukraine war fuels inflation

GDP growth slows to 3.4% in Q1, central bank warns of headwinds

Singapore's economy is recovering from the pandemic, but inflation has now become a concern.   © Reuters

TOKYO/SINGAPORE -- The central bank of Singapore tightened monetary policy on Thursday for the third time in as many meetings, as inflationary pressure rises under the shadow of Russia's invasion of Ukraine.

The city-state also announced that gross domestic product grew 3.4% on the year in January-March, according to advance estimates, moderating from the 6.1% growth logged for the previous quarter. By sector, manufacturing grew 6%, but the growth of construction and some service sectors remained subdued compared with pre-pandemic levels.

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