SINGAPORE, (Reuters) – Singapore’s Finance Minister said Tuesday that the country’s economy would continue to grow in 2018. However, authorities are ready to take additional fiscal and monetary policies measures if there is a Russia-Ukraine crises.

According to the government, gross domestic product was expected to grow by 3-5% between 2022 and 2022.

This forecast was made before Russia invaded Ukraine. Moscow refers to its actions in Ukraine as a “special operations”.

Lawrence Wong, a business leader said that “our baseline assumption is and will continue to grow as an economy in the coming year.”

He said, “But we cannot exclude other adverse scenarios or situations where we might enter a recession or experience stagflation like conditions.”

“If Ukraine’s economic situation gets worse, and we notice a large impact on the economy or on inflation,” we will not hesitate fiscally or monetarily to help stabilize or maintain prices …”.

In the two-year period, nearly S$100 Billion (or $73.61 billion) has been committed by the government to help its people and businesses withstand the devastating effects of the pandemic.

Due to rising inflation in the region, Singapore’s Monetary Authority of Singapore increased its policy setting in January. Many economists anticipate it will tighten its policy settings again during the April review.

Wong stated that the government is closely monitoring the effects of the crisis in the economy. However, households and workers will begin to reap the benefits of measures introduced by the February budget.

The manpower crisis in Singapore is expected to begin to improve as the country gradually reopens.

He stated that he was confident of opening up international travel for more free and said it would make it easier for businesses to employ workers.

($1 = 1.3585 Singapore dollars)