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A derailed EU will have a greater knock-on effect on Asean
"Europe is at risk of a recession, given its heavy dependence on Russian energy imports," said Chua Hak Bin, economist at Maybank Securities Singapore (MSSG).
"Singapore, Vietnam and Thailand have the highest exposures — their value added embodied in EU final demand is 7.7 per cent, 5.4 per cent and 4.3 per cent of GDP respectively. This implies that the impact on Singapore's nominal GDP stemming from export links alone would be 0.07 per cent for every 1 per cent decline in EU final demand."
