Singapore’s full-year economic growth will come in closer to its potential rate of 2% to 3% and core inflation is expected to ease more significantly in the final quarter of the year, the head of its central bank said on Thursday.

Monetary Authority of Singapore (MAS) managing director Chia Der Jiun, speaking at the release of the central bank’s annual report, said growth across major sectors of the city-state’s economy was expected to gradually return to pre-pandemic rates.