TOKYO \u2013 The Singapore Government is ready to roll out measures beyond what was announced at Budget 2026 should the need arise, following the situation in the Middle East, said Prime Minister Lawrence Wong on March 18. <\/p>\n
It has the resources to do so decisively and quickly, but for now, households and businesses will feel the effects of the already-announced measures soon, he said. <\/p>\n
These include utility rebates and various business assistance measures.<\/p>\n
\u201cWe want to see these being implemented first,\u201d said PM Wong. \u201cAnd then we will continue monitoring the situation because… it\u2019s very fluid, and we are looking at all the different possibilities and contingencies that can happen.\u201d<\/p>\n
He was speaking to Singapore media during his three-day official visit to Japan<\/span><\/a> where he and his counterpart Sanae Takaichi announced upgraded ties to a strategic partnership that includes more cooperation in energy and the green transition.<\/p>\n Responding to a question on whether more assistance was being considered for Singaporeans in the face of rising energy prices, PM Wong said the current situation is dynamic, given that the US military operation \u2013 originally said to be over in a matter of weeks \u2013 is now in its third week.<\/p>\n The US and Israel attacked Iran on Feb 28<\/span><\/a>. Iran later retaliated with its own strikes, and has since also disrupted shipping through the Strait of Hormuz, which is the naval passageway for about a fifth of global oil.<\/p>\n PM Wong said the key question is whether the strait will continue to be blocked.<\/p>\n \u201cIf the Strait of Hormuz continues to be blocked for a longer stretch, I think there will be severe consequences for the entire global economy,\u201d he said. <\/p>\n A plume of smoke rising from the site of a strike in Tehran, Iran, on March 17.<\/p>\n PHOTO: AFP<\/p>\n<\/figcaption><\/figure>\n This will go beyond oil and gas to impact sectors such as fertiliser, food supply, or even helium.<\/p>\n Thirty per cent of the world\u2019s helium, which is used in MRI machines and semiconductor production, comes through the strait, he noted.<\/p>\n \u201cThere will be a lot of potential knock-on effects. So a prolonged blockage of the Strait will have significant implications for the global economy, and may tip the global economy into a tailspin, into a downturn, or even a recession,\u201d said PM Wong.<\/p>\n \u201cSo these are things that we worry about. We don\u2019t know if it will happen, but we are monitoring very closely.\u201d<\/p>\n<\/picture><\/div>