Hormuz reopening won't end global crisis, but Singapore enters it from position of strength: PM Wong

Prime Minister Lawrence Wong said Singapore should brace for a prolonged period of disruption even if the Strait of Hormuz reopens.

In his May Day Rally speech on May 1, Wong said the wider crisis would not end quickly and that the effects could last for months. He warned that Singapore would face slower growth and higher inflation if energy and shipping disruptions continue.

Wong also said the pressure could intensify before it eases. But he argued Singapore is entering the period from a position of strength because of long-term resilience measures, supply diversification and its ability to draw on existing support systems.

The speech came as officials and local media continued to track the effects of the regional conflict on trade and prices. Wong said the government would do more to help if conditions worsen, signaling that additional support remains possible.

Official PMO, CNA, The Business Times and The Straits Times all reported the same core message: reopening Hormuz would not be an immediate fix, and Singapore should expect the economic fallout to persist for a while longer.