It is impossible to assume that global trade will continue to match the world’s gross domestic product ( GDP ) in light of heightened strategic tensions and policy uncertainty, according to Senior Minister Lee Hsien Loong on Monday ( Mar 24 ).  ,
There will be significant economic and geopolitical implications if the trade-to-GDP amount starts to decline, he continued.
In the least, it will stifle several nations’ economic growth, which may worsen their social and political woes, both domestically and internationally. He claimed that this might turn out to be a “turning stage.”
” In that circumstance, the world would certainly provide a new era, which it hasn’t seen since the Second World War,” he continued.
” Obviously, our hope is that, despite the difficulties and turbulence that may lie ahead, global trade will continue to grow, not just to support the maritime industry but also to make the world’s citizens more productive and profitable.”
On the day of Singapore Maritime Week ( SMW), which took place at the Suntec Singapore Convention and Exhibition Centre, Mr. Lee made the remarks.
In his statement, he remarked that SMW takes place in an “increasingly stormy environment.” Singapore’s smaller and available economy flourished as the world globalized over the past six decades, according to Mr. Lee.
The international maritime industry grew with it as the earth market benefited as the world economy did.  ,
Singapore “rided these tides, and made the most of them,” said Mr. Lee.  ,
Singapore, for instance, invested and put policies into place to create an open, trustworthy, and trusted business and maritime hub. It likewise served as a bridge between the East and West and a key component of global supply chains.  ,