• Singapore is making good progress on its economic normalisation
• The impact of P2/3HA is estimated to be about SGD 764mn (0.16% of nominal GDP)
• GDP growth is expected to moderate to 4.9% in 2H, from an average of 7.8% in 1H
• Resident unemployment rate will ease gradually to 3.5% in the coming quarters
• The MAS will be on “heightened alert” if inflation readings
continue to inch higher