Singapore's Deputy Prime Minister stated that due to the Middle East crisis potentially driving up global energy prices, Singapore will revise its economic outlook if necessary.
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He stated in parliament on Monday that it depends on how long the conflict lasts; higher energy prices could lead to increased costs for businesses and consumers, putting pressure on both the global and Singaporean economies. He is closely monitoring the situation and is prepared to reassess Singapore's GDP and inflation forecasts if necessary. Almost all of Singapore's energy needs rely on imports, making it particularly sensitive to fluctuations in global oil and natural gas prices. Singapore has long warned that geopolitical tensions and supply disruptions could exacerbate inflationary pressures and drag down economic growth.
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