Explainer: What will likely cause a recession by 2024 that PM Lee cautioned about?

SINGAPORE — Prime Minister Lee Hsien Loong spoke recently about the likelihood of a global recession happening within the next two years.

Prime Minister Lee Hsien Loong said on May 1 that there may be a recession in 2023 or 2024
Analysts said some factors that could lead to a recession include the Russia-Ukraine war and China's strict zero-Covid-19 regime
It could happen faster than Mr Lee’s prediction if there is a rapid deterioration in global demand conditions, coupled with an escalation in the Russia-Ukraine crisis, one economist said
Job losses and cuts in wages are to be expected should a recession hit Singapore

Source: TODAY

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