Singapore political figures express concerns after Brexit vote

0 Comment(s)Print E-mail Xinhua, June 24, 2016
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Political figures in Singapore have expressed their views after a historic referendum which shows that UK would leave the European Union (EU) on Friday.

Grace Fu, Minister for Culture, Community and Youth said that the effects of the referendum would soon to be seen.

"The effects on the real economy will come quickly and last for years as investors and businesses work through the possible ramification...UK will have to deal with a messy situation that will cast a dark shadow on the global economy. Brace for gloomier outlook," said Fu.

Speaking about the possible effect to Singapore economy, she said Singapore thrives in a market with free trade and movement of goods and funds. "If this signals a more nationalistic and protectionist world, it will not be good for us."

In the meantime, Singapore's Ambassador-at-Large Bilahari Kausikan showed his concern.

"It isn't often you see a country commit suicide before your eyes," said Mr Bilahari. "We are also witnessing the tragically irrational consequences of western democracy. The UK is only an example of the dysfunctionality of a system taken to extremes."

Singapore's National Development Minister Lawrence Wong also gave his comments, saying that such a move would pose long-term implications on global growth.

"Beyond the initial market turbulence, this historic move is likely to have far-reaching and longer-term implications on global growth, trade and integration. So while Brexit may not be uppermost on our minds, the decision taken today will have bearing on us," he said.

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