Singapore's Economy to Slow This Year as Strait of Hormuz Remains Closed, Says PM Wong
Singapore Prime Minister Lawrence Wong warned that due to the ongoing Middle East crisis leading to the continued closure of the Strait of Hormuz, Singapore's economic growth will slow this year, and inflation will accelerate. Some countries may even fall into recession.
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- 📰 Published: May 1, 2026 at 17:41
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(Central News Agency, Singapore, May 1, comprehensive foreign report) Singapore Prime Minister Lawrence Wong warned today that due to the ongoing Middle East crisis leading to the continued closure of the Strait of Hormuz, Singapore's economic growth will slow this year, and some countries may even fall into recession.
According to an AFP report, Wong said in his May Day speech that the war is not expected to "end in the short term," and supply chain disruptions could worsen in the coming months.
The Strait of Hormuz, which carries one-fifth of the world's oil and natural gas shipments, has been effectively closed since the United States and Israel jointly bombed Iran on February 28.
Wong said: "In Asia, we are particularly hard hit because we are highly dependent on energy and other critical supplies from the Persian Gulf region."
He pointed out: "Global inflation will rise, spreading from energy to food, and then to other basic necessities. Some economies are very likely to fall into recession, and Singapore will be directly affected."
"Our economic growth will slow this year, and inflation will intensify, all of which will bring substantial pressure to businesses, workers, and households."
However, Wong noted that Singapore's past policies to enhance energy resilience, including becoming a major refining center and energy trading hub, put Singapore in an advantageous position to respond to the crisis.
He also warned that even if the Strait of Hormuz reopens, the situation will not immediately return to normal. "Port and energy infrastructure has been damaged, and waterways still need to be cleared of mines." (Translator: Gao Zhaofen / Editor: Liu Shuqin) 1150501
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According to an AFP report, Wong said in his May Day speech that the war is not expected to "end in the short term," and supply chain disruptions could worsen in the coming months.
The Strait of Hormuz, which carries one-fifth of the world's oil and natural gas shipments, has been effectively closed since the United States and Israel jointly bombed Iran on February 28.
Wong said: "In Asia, we are particularly hard hit because we are highly dependent on energy and other critical supplies from the Persian Gulf region."
He pointed out: "Global inflation will rise, spreading from energy to food, and then to other basic necessities. Some economies are very likely to fall into recession, and Singapore will be directly affected."
"Our economic growth will slow this year, and inflation will intensify, all of which will bring substantial pressure to businesses, workers, and households."
However, Wong noted that Singapore's past policies to enhance energy resilience, including becoming a major refining center and energy trading hub, put Singapore in an advantageous position to respond to the crisis.
He also warned that even if the Strait of Hormuz reopens, the situation will not immediately return to normal. "Port and energy infrastructure has been damaged, and waterways still need to be cleared of mines." (Translator: Gao Zhaofen / Editor: Liu Shuqin) 1150501
Choose to stand with facts, every sponsorship you make is a force to protect press freedom.
Download the Central News Agency "First-hand News" APP to get the latest news instantly.
The text, images, and audio-visual content of this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.