Singapore PM Warns Middle East Crisis May Trigger Recession Risk on May 1

According to Xinhua, Singapore Prime Minister Lawrence Wong warned on May 1 that Middle East tensions could intensify global supply chain disruptions over the coming months, putting some economies at recession risk. Wong noted that even if the Strait of Hormuz resumes operations, the crisis should not be expected to resolve quickly, stating the situation requires “at least several months” to stabilize.