SINGAPORE – The past 12 months have been eventful for the Singapore economy, what with disruptions caused by Russia’s invasion of Ukraine that began in February and the US Federal Reserve in March starting the first of seven interest rate hikes this year.
The developments upended global markets ranging from commodities to cryptocurrencies, and Singapore, a financial hub which relies on imports from rice to natural gas, saw a significant impact. Even as businesses prepared to reopen in full after pandemic restrictions were lifted in April, the Republic saw prices jump and remain elevated throughout 2022.
