For every week that the war in the Middle East continues and the Strait of Hormuz remains closed, the risk rises of a major downturn in the global economy and of cost-of-living problems everywhere, said President Tharman Shanmugaratnam in a post on Facebook on Wednesday (18 March).
As he formally approved the government’s spending plans for the upcoming financial year, Tharman said that long-term fighting will not just result in fuel prices going up and staying high for longer, but also impact food supply and prices, and supplies of many other critical commodities (such as aluminium and helium) that the world depends on.
Yet, these economic problems are not the gravest challenge Singapore will face, he said.
“We are looking at a long storm of global political instability. We have seen in recent years growing resort to wars and destruction, disregard for the UN Charter, and discounting of international humanitarian law, which was established to protect ordinary people in conflicts,” the President added.
How do we survive in such a world? Embrace the Singapore way.
“Always prepared for a world where things may not go as we hope. Investing in the future for every Singaporean. Contributing our part to the global good. And standing up for what we believe in – a fair, open and humane world order.”
