SINGAPORE (Oct 14): DBS Group Research says Singapore’s economy narrowly averting a recession by growing a “literally flat” 0.1% on-quarter on a seasonally adjusted and annualised basis doesn’t change the outlook.

“Despite the close shave, the storyline hasn't changed. Growth outlook remains dicey amid the strong external headwinds and domestic restructuring is still a major challenge for companies,” DBS says. The bank also says the “marginal” easing of monetary policy by the central bank is in line with underlying fundamentals.

The Monetary Authority of Singapore sets the local currency on a slower pace of appreciation versus its peers but doesn’t change the width or mid-point of the Singapore dollar’s nominal effective exchange rate band.

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