| 5:09:31 PM - Thu, May 5th 2022 |
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Is a global recession coming and what does that mean for Singapore?
Even as the global economy recovers from a historic recession brought on by the COVID-19 pandemic, concerns are already being raised about the next downturn.
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Contributing to this is a gloomy mix of uncertainties, including the ongoing war in Ukraine, COVID-19 flare-ups in China that have led to crippling lockdowns and central banks, in particular the US Federal Reserve, stepping on the monetary tightening pedal.
These add to an already turbulent backdrop of global inflationary pressures amid rising energy prices and frayed supply chains caused by the pandemic.
Prime Minister Lee Hsien Loong recently warned that a global recession could occur within the next two years.
“Inflation will remain high. Central banks in the developed countries are tightening their monetary policies, raising interest rates. Global growth will be weaker,” he said at the annual May Day Rally.
And Singapore, being a price-taker, will not be able to avoid these global headwinds. The country must prepare for more economic challenges ahead, Mr Lee cautioned.
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