Singapore is bracing for slower economic growth and higher inflation in the second half of the year as the ongoing Middle East conflict threatens to disrupt global trade, Bloomberg News reported Monday, citing statements made by Prime Minister Lawrence Wong.
Speaking at a Singapore Press Club event, Wong noted that while the global economy has tapped into alternative oil supplies and existing inventories, these buffers are depleting, the report said.
"There's a lag," Wong reportedly said, adding, "There are downside risks, and we do expect more pressures to come on both growth and inflation in the second half of the year."
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)