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World facing 'long storm' of instability, says Tharman after approving Budget 2026
President Tharman warned that the Middle East conflict and Strait of Hormuz closure risk prolonged economic downturn and rising fuel and food prices, amid global political instability.
In a Facebook post on Wednesday (Mar 18), President Tharman Shanmugaratnam highlighted the “major new stress point in the global economy” as the Strait of Hormuz remains closed in the third week of the conflict.