SINGAPORE, April 26 (Xinhua) -- The Monetary Authority of Singapore (MAS) maintained its estimate of 1 percent to 3 percent economic growth this year, following a 1.1 percent expansion in 2023, according to a macroeconomic review published Friday.

Growth in trade-related and modern services clusters is expected to improve from last year while travel-related and domestic-oriented clusters will continue to moderate but stay above trend, the MAS noted.

Manufacturing and trade activity in Singapore should continue to benefit from ongoing recovery in the global electronics industry, especially in the memory chip segment, it added.

The projected peaking of global interest rates will lead to a rebalancing of investment portfolios, which will bolster financial sector activities, the report showed.

The Singapore economy grew by 2.7 percent year-on-year in the first quarter, according to data from the Ministry of Trade and Industry.

The MAS expects Singapore's headline and core inflation to range between 2.5 percent and 3.5 percent this year. Enditem

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