Singapore does not expect a recession or stagflation in 2023, but significant headwinds remain

So far this year, local economic activity has remained "resilient' despite rising inflation. The current growth forecast for 2022 is for the Singapore economy to expand at the lower end of 3% to 5% range.

Stagflation, a combinaiton of economic stagnation and inflation, refers to a situation where an economy faces the twin challenges of slow economic growth and joblessness amid rising inflation.

However, in line with higher global interest rates, Singapore's domestic interbank interest rates have also risen, although the strengthening of the Singapore dollar has helped to moderate the extent of the increase. Lending and mortgage rates have gone up as a result of higher domestic interbank interest rates.

Hope more jobs will be created and wage grow, which are the best ways to combat inflation.