Singapore Prime Minister Lee Hsien Loong warned of miscalculation due to tensions. in the Taiwan Strait, which he said is unlikely to ease soon amid deep suspicion and limited interaction between the United States and China.
He noted that Singapore will face this intense rivalry and tension in the region, and it is necessary to prepare for a future less peaceful and stable than it is now, reports Reuters.
Clouds are gathering around us. Relations between the US and China are deteriorating due to intractable problems, deep suspicions and limited interaction, he said.
They are unlikely to improve any time soon. In addition, miscalculations or incidents can easily make the situation much worse, he added.
He noted that Singapore's outlook is significantly dimmed, adding that the government will take additional measures in the coming months to help people cope with rising prices.
Inflation in Singapore hit more than a decade high in recent months and the central bank tightened its monetary policy on July 14 to deal with price pressures.
The city-state had previously announced a support package mainly for low-income groups to help mitigate rising costs of living due to inflation and rising energy prices.
The world is unlikely to return to the low levels of inflation and interest rates that we have enjoyed in recent decades any time soon, he said, adding that the country of 5.5 million people must plan far ahead and transform industry, improve skills and performance.