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World could face recession in next two years: PM Lee

Bloomberg
Bloomberg5/1/2022 10:49 PM GMT+08  • 4 min read
World could face recession in next two years: PM Lee
Demonstrators during a protest against the Russian invasion of Ukraine outside the White House in Feb. / Bloomberg
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Singapore must prepare for more economic challenges as inflation will remain high and central banks are tightening policies, Prime Minister Lee Hsien Loong said, warning that the world may face a recession within the next two years.

Russia’s war on Ukraine has clouded the outlook for Singapore’s post-Covid recovery on which the nation was “cautiously optimistic” at the start of this year, the premier said in a May Day address.

“Singaporeans are already feeling the impact of the war on the cost of living” with the island facing an $8 billion hit a year from higher energy prices, he said.

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