Deputy Prime Minister of Singapore Discusses the Potential Economic Effects of the Conflict
The ongoing Israel-Hamas conflict has had a minimal direct economic impact on Singapore, according to Deputy Prime Minister and Finance Minister Lawrence Wong. In a recent parliamentary discussion, Wong clarified that the small direct effects stem from Singapore’s limited trade and investment connections with Israel and Palestine.
However, he pointed out that if the conflict escalates into a broader regional issue, particularly in the Middle East, it could lead to significant economic consequences. One key area of concern would be the potential rise in oil and food prices, as the region plays a crucial role in global energy supplies. The Singapore government is actively monitoring the situation and updating its contingency plans in case the conflict spreads and impacts the country.
Wong also reaffirmed Singapore’s firm stance on the conflict. While the nation avoids importing foreign quarrels, it stresses its commitment to upholding international peace, humanitarian rights, and ensuring domestic cohesion. He emphasized that Singapore must reject terrorism in all its forms and support a negotiated two-state solution for Israel and Palestine.
In parallel, Foreign Minister Vivian Balakrishnan highlighted the importance of safeguarding Singapore’s racial and religious harmony. He urged citizens not to let external political events threaten domestic unity, especially in light of rising tensions and violent reactions observed in other parts of the world.
Despite differing viewpoints on the conflict, Singapore’s leadership called for unity and urged its citizens to refrain from actions that may harm the country’s peace and harmony. The situation has also prompted some calls for boycotts of certain businesses associated with Israel, but Singaporean ministers have stressed the importance of distinguishing government actions from business operations.
Wong’s remarks underline Singapore’s consistent approach of navigating international conflicts without taking sides, always prioritizing national interest and global stability. As the conflict continues to unfold, the government remains vigilant and prepared for any possible economic and security consequences.
