Singapore’s prime minister warned Friday that economic growth will slow this year and some countries may slip into recession as the Middle East crisis keeps the Strait of Hormuz closed.
In a May Day speech, Lawrence Wong said the war was not expected “to be over anytime soon” and supply disruptions may worsen in the months ahead.
Shipping through the strait, which handles a fifth of global oil and gas, has been effectively stopped since the United States and Israel began bombing Iran on Feb 28.
“Here in Asia, we are especially affected because of our high dependence on energy and other critical supplies from the Gulf,” Wong said.
Some regional countries are already facing fuel shortages, airlines have cut flights and factories are reporting delays, he said.
