As Ukraine-Russia issue is escalating, what will the issues affect Singapore Building Sectors? Energy cost will be one key area that will affect Singapore. Pump prices for petrol and diesel are expected to rise. Also, electricity rates will be increasing for businesses.
Gan Kim Yong, Minister for Trade and Industry, said that with various countries imposing sanctions on Russia and disrupting supplies, global prices of energy and other products are set to rise.
Ukraine-Russia Causing Building Material Cost To Increase
The manufacturing and construction sectors may be affected by these disruptions. The price increase in the energy cost could impact the construction sector by increasing the cost of building materials production.
Building materials such as cement on rising crude oil prices will also be a possible increase in borrowing cost. Transportation costs will also likely go up, which may push up raw materials prices. These will increase the cost of construction.
The rise in prices of raw materials will be forcing developers to increase the costs of projects.
What Are The Thoughts Of Youth About Singapore Imposing Sanctions On Russia
Following various countries have imposed sanctions on Russia, the Singapore Government has imposed unilateral sanctions on Russia. These include export controls on items used as weapons in Ukraine.
The Minister of Foreign Affairs, Dr. Vivian Balakrishnan, mentioned that Singapore would block certain Russian banks and financial transactions connected to Russia.
Youth has their own opinion on it and let’s see what they have to say. Lee Qian Qian, a 20 years old student, mentioned that it is a bold move as Singapore has always been neutral on the geopolitical issue. She felt that Singapore might be targeted after imposing sanctions on Russia.
Another youth Caleb Lian said the sanction might not be enough to stop Russia’s invasion of Ukraine. The UN has tried various similar methods over the past few weeks, but it was not working.
