Market News

By Xinghui Kok

SINGAPORE, July 18 (Reuters) - Singapore's full-year economic growth will come in closer to its potential rate of 2% to 3% and core inflation is expected to ease more significantly in the final quarter of the year, the head of its central bank said on Thursday.

Monetary Authority of Singapore (MAS) managing director Chia Der Jiun, speaking at the release of the central bank's annual report, said growth across major sectors of the city-state's economy was expected to gradually return to pre-pandemic rates.

"The wealth management industry has also grown in line with the asset management industry," he said, adding that recent money laundering case had not changed the growth trajectory. "Singapore continues to welcome legitimate wealth and will ensure that our processes and regime are supportive, whilst upholding high regulatory standards," he said.

Chia also announced the MAS will commit an additional S$100 million to support financial institutions in building capabilities in quantum and artificial intelligence technologies.

($1 = 1.3407 Singapore dollars)