SINGAPORE (Reuters), Singapore’s economic growth is projected to increase by 3% in 2023. The city-state slowly reopens its doors to international travel. A survey of economists was conducted by the city state’s central banking on Wednesday.

The most cited downside risk to Singapore’s growth outlook was a sharper-than-expected pickup in inflation and an associated acceleration in monetary policy tightening by top central banks, the survey of 23 economists by the Monetary Authority of Singapore (MAS) showed.

Singapore is a highly trade-reliant country and has recently experienced near-decade-high inflation rates, due mainly to rising food-and energy prices.

The survey revealed that core inflation, which is the preferred price measure of the central banks, will be 2.7% in this year’s survey. This was in line with their forecast, up from 1.8% in December’s last survey.

According to the survey, headline prices were expected to increase by 3.6% this fiscal year. This is slightly less than what was forecasted by central banks between 2.5%-3.5%.

According to the survey, both headline inflation and core inflation will decrease in 2023.

Singapore’s official Gross Domestic Product (GDP), has not yet been released.

The survey found that Singapore’s economy was expected to expand 4% this year. This is in line with the official forecast of between 3% and 5%.

The economists forecast that the GDP will rise 3.7% during the first quarter.

In response to rising inflation and global supply limitations, MAS tightened its monetary policies in January. It was its first time out-of-cycle action in seven year.

After hostilities began in Ukraine on February 24, MAS stated that the survey of 23 economists was carried out to determine their views.