A derailed EU will have a greater knock-on effect on Asean
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
WHILE Asean's trade and investment linkages to Russia are relatively small, a derailed economic recovery in Europe as a result of a protracted Ukraine invasion will have a greater knock-on effect on the region, and particularly on Singapore, a key trading partner of the European Union (EU).
Western sanctions, including the latest US ban on Russian oil and gas imports, are posing headwinds to many baseline gross domestic product (GDP) growth forecasts. These may have to be revised lower if more sanctions are imposed to force Russia to end its aggression on Ukraine, a move which could set back Europe's recovery from the Covid-19 pandemic.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
