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Blockade of the Strait of Hormuz amid the ongoing Iran war may have knock-on effects that can lead to an economic downturn or recession, Prime Minister Lawrence Wong told Singapore media during this three-day visit to Japan on Wednesday (March 18).«We aStrait of Hormuz blockade may have knock-on effect that can spiral into downturn: PM Wong
Blockade of the Strait of Hormuz amid the ongoing Iran war may have knock-on effects that can lead to an economic downturn or recession, Prime Minister Lawrence Wong told Singapore media during this three-day visit to Japan on Wednesday (March 18).«We are monitoring the situation closely, because it is dynamic,» he said.He added: «We do not know when it will stop. But quite aside from the military operation, the key question is whether or not the Strait of Hormuz will continue to be blocked, and for how long.»The US had originally stated that its military operation would be over in a matter of weeks.Operation Epic Fury is now in its third week, PM Wong pointed out, as the US, Israel and Iran continue to battle, causing shipping to stall in the strait.About 20 per cent of the world's oil pass through the Strait of Hormuz.Should the Strait continue to be blocked — even if the military operation ceases — there can be «severe consequences» for the global economy, he said.While the focus has been on resources like oil and gas, food supplies and helium could also be affected. Read more
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