WHEN ELEPHANTS FIGHT
As the proverb goes, “When elephants fight, it is the grass that suffers.” Smaller players like Singapore often find themselves on the decision-making sidelines when major powers make moves against one another.
In recent years, we have seen wars break out in Europe and the Middle East. While the tensions in Gaza seem to have eased slightly after a ceasefire, the latest turmoil in Iran will ratchet up the temperature in that region again.
The impact on the proverbial “grass” has already been felt around the world. Oil and energy prices have surged, financial markets have tumbled amid increasing uncertainty, and the prognosis for global economic development in 2026 appears bleaker than it was prior to the conflict.
