SINGAPORE: The Singapore government is monitoring developments in Iran “closely” and will reassess its GDP and inflation forecasts if necessary, Trade and Industry Minister Gan Kim Yong said on Monday (Mar 2).
Noting the closure of the Strait of Hormuz, a key shipping route for crude oil and liquefied natural gas, Mr Gan said in parliament that global energy prices could rise if the conflict continues.
“Higher energy prices could lead to higher costs for businesses and consumers, and weigh on the global and Singapore economies,” said Mr Gan, who is also Deputy Prime Minister.
