With Singapore’s Budget 2023 to be announced on Tuesday, DBS Bank CEO Piyush Gupta hopes that the Government will continue to ensure strong social safety nets amid an uncertain inflation outlook.
by the second half of this year, but the central bank has repeatedly stated its intent to hold tight on rates until inflationary pressures have eased.“I think inflation is already coming down,” said Mr Gupta, noting that the inflation rate is likely to wind up at around 3 per cent. “In fact, the big question is do you wind up in the 2.5 to 3 range or the 3 to 3.5 range by the end of this year?
“So my personal prediction is that they will hold rates at the 5 to 5.25 per cent range, whatever they get to, and hold this pretty much there for the rest of this year,” said Mr Gupta. “I do think that the Government has been quite pragmatic about pushing a growth agenda, while at the same time trying to make sure that there is social harmony, so creating social safety nets around the system,” he added. “So I do expect some more goodies of that sort to trickle through the system.”
On Singapore becoming a costlier place to do business, as compared to some major Asian financial hubs like Hong Kong, Mr Gupta pointed out that Asia is big enough for more than one financial centre.
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