Singaporeans can expect real wage growth this year, with salary increases outpacing inflation, the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Wednesday (May 25), although private sector experts said wage growth will likely be uneven across industries.
And while MAS said inflation will likely peak in the third quarter of the year, the economists noted that food inflation remains a concern, especially as countries around the world are starting to implement protectionist policies to secure their own food supplies.
They were sharing their views of MTI’s official quarterly economic figures released on Wednesday (May 25), which showed that Singapore's gross domestic product (GDP) expanded by 3.7 per cent in the first quarter compared with the same period a year ago.
MTI also maintained its full-year economic growth forecast for 2022 at 3 per cent to 5 per cent, but added that it is expecting growth to come in “at the lower half” of this forecast range amid a weaker external environment.
More at https://shrtcô.de/6xYG3g
And while MAS said inflation will likely peak in the third quarter of the year, the economists noted that food inflation remains a concern, especially as countries around the world are starting to implement protectionist policies to secure their own food supplies.
They were sharing their views of MTI’s official quarterly economic figures released on Wednesday (May 25), which showed that Singapore's gross domestic product (GDP) expanded by 3.7 per cent in the first quarter compared with the same period a year ago.
MTI also maintained its full-year economic growth forecast for 2022 at 3 per cent to 5 per cent, but added that it is expecting growth to come in “at the lower half” of this forecast range amid a weaker external environment.
More at https://shrtcô.de/6xYG3g
