The International Monetary Fund (IMF) has cut its economic growth forecast for Singapore to 3.7% this year. This is down from its forecast of 4% GDP growth that it made in May. The IMF country report also said headline inflation is expected to remain high at 4.8%. It praised the Singapore government’s handling of the COVID-19 pandemic, but said the hardest-hit areas — like tourism, aviation and construction — remain below pre-pandemic levels.
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