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flag Singapore warns of global economic turmoil if Strait of Hormuz closes, urging preparedness and conservation.

flag On March 18, 2026, Singapore’s leaders warned of severe global economic risks due to escalating Middle East tensions, particularly a potential prolonged closure of the Strait of Hormuz, which could disrupt oil, gas, helium, and fertilizer supplies, raise fuel and food prices, and trigger a global downturn. flag Prime Minister Lawrence Wong and President Tharman emphasized the government’s readiness to introduce additional support measures beyond Budget 2026 if needed, citing strong financial reserves, strategic planning, and diversified partnerships. flag They expressed concern over declining adherence to international law and the rise of conflict over diplomacy, while urging citizens to conserve energy and reaffirming Singapore’s commitment to a rules-based global order.

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