Lates News

Singapore's Deputy Prime Minister stated that due to the crisis in the Middle East potentially raising global energy prices, Singapore will revise its economic outlook if necessary. He mentioned in parliament on Monday that depending on how long the conflict lasts, higher energy prices could lead to increased costs for businesses and consumers and put pressure on the global and Singaporean economies. They are closely monitoring developments and are prepared to reassess our GDP and inflation forecasts if necessary. Singapore's almost all energy needs rely on imports, making it particularly sensitive to fluctuations in global oil and natural gas prices. They have long warned that geopolitical tensions and supply disruptions could exacerbate inflationary pressures and weigh down economic growth.