Singapore does not expect recession or stagflation next year but significant risks remain: minister

Singapore's core inflation has been picking up pace, coming at 3.6 per cent year-on-year in May. - ST

SINGAPORE (The Straits Times/Asia News Network): The global economic environment has become very challenging and the risk of further deterioration is high, but for now Singapore is likely to avoid a major downturn or runaway inflation, said Minister of State for Trade and Industry Alvin Tan.

"At this stage, we do not see or expect a recession or stagflation in 2023. Nonetheless, risks in the global economy remain significant," Tan told Parliament in response to questions from fellow MPs.