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World faces 'perfect long storm' of Ukraine crisis, Omicron and stagflation: Tharman

Jovi Ho
Jovi Ho3/9/2022 12:14 PM GMT+08  • 5 min read
World faces 'perfect long storm' of Ukraine crisis, Omicron and stagflation: Tharman
“As someone who has spent a good part of my life as an economist working with models, they’re not going to be very useful.”
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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.

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