• About
  • Advertise
  • Careers
  • Write for us
  • Contact
  • Terms of service
Saturday, May 28, 2022
The Millennial Source
TMS
Home WORLD

We could face a global recession in two years, says Singapore

byThe Millennial Sourceand Edited byChristine Dulion
May 2, 2022
in WORLD
Singapore

FILE PHOTO: A view of the city skyline in Singapore December 31, 2020. REUTERS/Edgar Su

Share on FacebookShare on TwitterShare on Linkedin

Over the weekend, Singapore’s Prime Minister Lee Hsien Loong addressed the nation, joining a growing list of officials and policymakers saying that the world could face another recession. For Lee, though, the timeline was within the next two years. He said that before the Ukraine-Russia war, inflation was already at a peak in Singapore as the region continued to recover from the economic effects of COVID. 

On a domestic level, the country has started living with the virus, easing border controls and social distancing rules. To fight inflation, Singapore’s central bank tightened monetary policies last month. But on an international level, the Ukraine conflict, lockdowns in China and global supply chain issues are all complicating economic comeback. For example, higher energy prices are costing the region an extra US$5.8 billion per year. Last week, its central bank said global growth this year would likely be around 3.9%. Last year it was 5.4%.

Key comments: 

“There are many challenges ahead of us,” said Finance Minister Lawrence Wong at a press conference mid-April. “There are some more pressing and immediate ones – the pandemic is not over, we have to get through it. There are considerable economic challenges to tackle arising from the war in Ukraine, not least the threat of higher and more persistent inflation and weaker growth. But beyond these immediate issues, we also need to look over the horizon. There are going to be more challenges in the coming years as we enter this new, uncertain volatile environment.” 

“Singaporeans are already feeling the impact of the war on the cost of living,” said Lee during his May Day speech. “Even before Ukraine, inflation was already a problem but the war has made it worse.”  

Like TMS? Subscribe to our free daily newsletter

. . .

Related

Tags: AsiaCOVID-19economic policyEconomyWorld
ShareTweetShare

Latest Posts

China proposal

China proposes economic and security agreement to 10 Pacific nations

May 27, 2022

Singapore Prime Minister Lee Hsien Loong warns against excluding China from regional summits

May 27, 2022
Cathay Pacific

Cathay Pacific seeks to rehire ex-staff as part of airline’s “anticipated recovery”

May 27, 2022

HSBC is said to be considering IPO of Indonesian business

May 27, 2022

Russia edges closer to a historic debt default

May 26, 2022

Hong Kong customs seizes illegal smoking products worth millions after e-cigarette ban

May 26, 2022

Texas shooting: 21 people confirmed dead; Biden says he’s “sick and tired” of US gun violence

May 26, 2022

Several key takeaways from Biden’s trip to Asia

May 25, 2022

What you need to know about the changing egg freezing laws in Singapore

May 25, 2022

SUBSCRIBE TO THE TMS NEWSLETTER

By providing your email, you agree to our Privacy Policy

The Millennial Source Ltd. 2021

No Result
View All Result
  • Your daily briefing
  • About us
  • Explore
    • Startups
    • Climate change
    • Tech giants
    • Crypto
    • The future of work
    • Banking giants
    • Economy
  • Lifestyle
  • TMS archives
  • Write for us
  • Contact
  • Privacy Policy & Terms

© 2022 The Millennial Source Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

string(24) "jsonld single post debug"
The Millennial Source
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.