Singapore central bank expects economy to grow closer to 3%

Singapore’s economy is likely to grow faster than predicted, according to the city-state’s central bank chief.

Monetary Authority of Singapore managing director Chia Der Jiun said on Friday that growth would be closer to 3 per cent than 2 per cent this year.

In July the MAS narrowed its guidance on full-year growth from a 1-3 per cent range to a 2-3 per cent range.

Chia’s comments, made at the Bretton Woods Committee’s Future of Finance Forum, suggest Singapore will deliver in the upper end of that range.

“Full year, we think it’ll be finished quite squarely within that range, probably on the strongest side,” he said.

The upbeat outlook follows positive data on exports and inflation since August.