Iran War Poses Risk of ‘Major’ Economic Downturn, Singapore President Says

A prolonged conflict in the Middle East will heighten the risk of a “major economic downturn” and increased inflation, adding a new stress point in financial markets that were already under strain, Singapore’s President Tharman Shanmugaratnam wrote in a Facebook post.

“Yet these economic problems are not the gravest challenge we face,” Tharman said. “We are looking at a long storm of global political instability.”