"Global stability is like oxygen for the international economic system. You don't realize you need it when you have it, you realize how badly you need it when you don't have it," Tharman Shanmugaratnam, Senior Minister and Chairman at the Monetary Authority of Singapore, said in a recent speech at the Bloomberg Investment Conference.
Shanmugaratnam explained that he sees the Ukraine invasion, the risk of stagflation, the climate crisis, the pandemic, and the general fragility of societal structures as major risks to all countries, globally. He calls the intersection of these structural shifts a "perfect long storm.”
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