"Worse Than the 70s": Singapore PM Warns Of Global Stagflation & Long Hormuz Crisis Recovery

Singapore’s Prime Minister Lawrence Wong has warned that the Strait of Hormuz closure, now exceeding two months, is pushing the world toward a severe stagflation crisis. Highlighting Asia's high energy dependency, he noted that flight cancellations and factory delays are just the beginning, with food and fertilizer shortages looming. Even if the Strait reopens, the PM cautioned that clearing naval mines and repairing infrastructure will take months. Warning that this crisis could exceed the 1970s oil shocks in severity, he urged Singaporeans to brace for higher inflation and slower growth while maintaining "quiet confidence" in the nation’s resilience.