A prolonged crisis in the Middle East could have a significant impact on supply chains and energy markets, which will in turn have a «huge impact» for the global economy and on Singapore, said Prime Minister Lawrence Wong.Speaking to the media on Saturday (March 28) as he wrapped up his visit to Hong Kong, PM Wong was asked if the government is planning to roll out measures to cushion the impact of rising prices amidst energy shortages. Acknowledging public concerns, PM Wong assured Singaporeans that the Government is monitoring the situation closely and planning ahead.«A lot of concerns are about the price impact, and I can fully understand the concerns, but we are also concerned about what might happen if the situation in the Middle East continues for a prolonged period of time, or even escalates, and the Strait of Hormuz continues to be blocked for prolonged stretch because then the impact of such a prolonged crisis is not just going to be about higher and elevated prices,» he said. Read more