Singapore PM Lee says world could face recession in next two years

Singapore must prepare for more economic challenges as inflation will remain high and central banks are tightening policies, Prime Minister Lee Hsien Loong said, warning that the world may face a recession within the next two years. - AFP

SINGAPORE, May 1 (Bloomberg): Singapore must prepare for more economic challenges as inflation will remain high and central banks are tightening policies, Prime Minister Lee Hsien Loong said, warning that the world may face a recession within the next two years.

Russia’s war on Ukraine has clouded the outlook for Singapore’s post-Covid recovery on which the nation was "cautiously optimistic” at the start of this year, the premier said in a May Day address.