Singapore had problems with its currency and central bank. Throughout Singapore's first quarter, the central bank maintained restrictive monetary policy. In the first quarter Singapore saw little improvement but, locked down by restrictive monetary policy, the inflation they are experiencing will remain high as a sustained recovery in their economy triggers economic stimulus in the city-state. The Monetary Authority of Singapore, also known as MAS, said it would allow a “modest and gradual” appreciation of the Singapore dollar. The political belt will not change in width, slope or center. The latest policy statement received from the central bank showed that Singapore's first quarter gross domestic product grew by a slight 0.1% from the previous quarter on a seasonally adjusted annual basis. . This news has given people hope that their once thriving economy is back on the right track. The growth of the economy also corresponds to the news emerging from the Reuters survey of Singapore. The survey showed a huge decline from previous growth of 6.1% in 2013, devastated by a contraction in services and a vulnerable manufacturing sector. The Monetary Authority of Singapore released a statement saying: "However, growth in the city-state's economy is expected to recover." in the wake of the ongoing recovery in the United States and Europe, noting that a tight labor market and underlying inflation pressures justify restrictive monetary policy settings.” The central bank also released its semi-annual statement briefly stating that Singapore's economy is expected to expand over the course of a year, because it is shocking that the people received have been so significant. Companies are now more likely to outperform their assets… middle of the paper… the cyclical recovery in industrialized economies,” the MAS verbalized, integrating the fact that the aggrandizement in the West should serve to overcome the impotence in Asian countries economic powerhouse, China. In 2013, China topped the list of Singapore's domestic non-oil exports, followed by Europe and then the United States has also slowed its demand for exports Singapore, but MAS says this is so due to “weak manufacturing” and “trade-related activities”. Additionally, the financial concessions sector has grown at a more gradual pace as sentiment in global markets has been dampened by the reduction of monetary stimulus from the US Federal Reserve, which it supplemented. The city-state's economy grew by 5.1% compared to a year ago, the regime expressed verbally, matching the market outlook and recording a decline of just compared to the 5.5% increase in the fourth quarter..