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Oil, commodity prices to soar due to Russia invasion, driving up inflationary pressures

This could potentially hurt Singapore's GDP growth: observers

Tessa Oh

Tessa Oh

Published Thu, Feb 24, 2022 · 09:50 PM

    Singapore

    OIL prices are expected to soar with Russia's invasion of Ukraine, driving up inflationary pressures and potentially hurting Singapore's gross domestic product (GDP) growth, observers said on Thursday (Feb 24).

    The Republic should also brace for higher commodity prices in the short term, said OCBC chief economist Selena Ling, as the fresh sanctions announced by the European Union may not hurt Russia sufficiently to make it reverse course.

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