Q4 GDP figures were revised lower today, as expected, but the economy nonetheless grew by a spectacular 14.5% in 2010 as a whole. GDP growth is likely to be robust this year and will increase the threat of inflation rising further. The upshot is that the Monetary Authority (MAS) is likely to tighten monetary policy for a third consecutive time at its April meeting. We expect that MAS will then leave policy settings on hold for the rest of the year.