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The MAS Annual Report Shows Concerns Regarding Inflation
Summary: Mr. Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS) since 2011, has recently made a series of remarks concerning inflation in a comprehensive Annual Report for 2021-2022. The report was released on the official MAS website (mas.gov.sg), on Julyth. According to Ravi Menon, inflation is the key challenge faced by the ...
Mr. Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS) since 2011, has recently made a series of remarks concerning inflation in a comprehensive Annual Report for 2021-2022. The report was released on the official MAS website (mas.gov.sg), on Julyth. According to Ravi Menon, inflation is the key challenge faced by the global economy, affecting large players like the US as well as smaller players, such as Singapore or Sri Lanka.
Menon cited IMF's (International Monetary Fund) latest global economy projection for 2022, saying that 7.4% is the fastest inflation rate for the last 25 years. According to Ravi Menon, the pressure on inflation for global economies is caused by labor market tightness. The demand for labor is higher than the offer, a negative trend that started during the pandemic and from which advanced economies have not recovered yet.
The MAS Managing Director has also addressed the subject of cryptocurrencies, saying that the FinTech sector has hit a record high of US$3.9 billion, and MAS will be organizing a seminar next month to show its strategies that will develop Singapore into a digital crypto hub. He concluded positively, saying that inflation will "eventually end," but when that may happen remains uncertain.
Author: Garrett Meifert
Tags: MAS,Ravi menon,Singapore
Link: The MAS Annual Report Shows Concerns Regarding Inflation [Copy]
