Following Singapore's strong third-quarter GDP data, UOB economists raised the forecast for Singapore's actual GDP growth in 2024 from 2.9% to 3.3%. In comparison, the official forecast by the Singapore government is 2.0%-3.0%. Economist Jester Koh stated that core inflation is easing, and some price pressures have also eased. Koh mentioned that as the output gap is expected to narrow in the second half of the year, coupled with strengthened economic activity, the risk of demand-side inflation still exists. Koh believes that the Monetary Authority of Singapore, while monitoring core inflation and aiming to keep it around 1.8%, may cautiously proceed with policy normalization as the impact of the consumption tax hike subsides. "Our basic forecast is that the Singapore dollar's nominal effective exchange rates will be 'slightly' reduced (by 50 basis points) in January or April 2025." UOB revised its forecast for GDP growth in 2025 from 3.2% to 2.9%. (Global Market News)