"Of some concern is the recent volatility in equity and commodities markets worldwide," Heng Swee Keat, Managing Director, Monetary Authority of Singapore said in the text of a prepared speech at a dinner for bankers.

"However, at this stage, the underlying conditions supporting macroeconomic growth and stability for the Singapore economy remain largely intact. So barring any shocks, the Singapore economy is on track to achieve between 5 and 7% of GDP growth this year," Heng added.

In May, the Singapore government lifted its full-year growth forecast to 5-7 percent from from 4-6 percent following strong first-quarter growth, which was backed by solid tech demand and a stronger services sector.

Heng also said that he expects the financial services sector, which grew 8.3% in Q1 and generated another 2100 jobs, to continue its steady growth for the year as a whole.

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