Singapore’s Prime Minister Lawrence Wong has warned that the country faces a potential economic collapse due to the prolonged closure of the Hormuz Strait caused by the ongoing Iran war. Speaking on May 1 during a May Day address, he said the conflict shows no sign of ending soon and that supply chains could face further disruption in the coming months.

Wong noted that Asian economies are heavily dependent on energy and essential goods from the Gulf region, making them particularly vulnerable to the crisis. He cautioned that global inflation will rise, pushing up prices of fuel, food, and other necessities, while many countries could slip into recession. Singapore, he said, will directly feel the impact as growth slows and inflation pressures businesses, workers, and families.

The prime minister added that even if the Hormuz Strait reopens soon, recovery will take time due to damaged ports and energy infrastructure and the need to clear naval mines. He described the Middle East conflict as casting a dark shadow over the global economy.