Singapore economy to 'slow' this year on prolonged Hormuz closure: PM Wong

Singapore's Prime Minister Lawrence Wong warned that economic growth will slow this year due to the ongoing closure of the Strait of Hormuz. The strait, which handles a fifth of global oil and gas, has been effectively closed since the US and Israel began bombing Iran on February 28. Wong stated that global inflation will rise, spreading from energy to food and other essentials, and some economies may slip into recession. Singapore is particularly affected due to its high dependence on energy and other critical supplies from the Gulf. The country is dealing with the crisis from a position of strength due to its energy resilience policies. Wong warned that even if the strait reopens, a return to normal will not be immediate due to damaged ports and energy infrastructure.