From the pandemic to the Ukraine crisis, the world has entered a period of structural shifts marked by vulnerability and fragility unprecedented in the last 80 years.
Senior minister Tharman Shanmugaratnam calls this a “perfect long storm”. “They’re not cyclical; they’re not random shocks. They’re structural shifts, they’re going to be with us and they are interacting. They make for a new era of fragility.”
Speaking at the IMAS-Bloomberg Investment Conference 2022 on March 9, Tharman pointed to a laundry list of uncertainties; namely, the Russian invasion of Ukraine, the threat of stagflation, the Omicron variant, the climate crisis and food insecurity.