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Economy

Singapore tightens monetary policy to cool inflation; Q2 GDP up 4.8%

Annual growth projection kept at 3% to 5% amid Ukraine headwinds

Singapore's economy is recovering from COVID-19 but faces other pressures, including the impact of the war in Ukraine.   © Reuters

SINGAPORE -- The central bank of Singapore tightened its monetary policy on Thursday in its second out-of-cycle move this year, as the city-state sees inflationary pressure rising on the back of global supply chain disruptions.

The city-state also announced that its economy grew 4.8% on the year in the April-June quarter, according to preliminary gross domestic product figures released on Thursday, faster than the 4.0% in the previous term.

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