“Russia accounts for only 1.8% of global GDP (vs 24.7% for US and 17.4% for China). Similarly, in terms of global trade flows, Russia accounts for only 1.7% of global exports (vs 12.1% for China and 9.5% for US), and 1.4% of global imports (vs 12.8% for US and 10.8% for China),” writes Hou in a Feb 28 note.
As the Russia-Ukraine crisis unfolds, analysts from Singapore banks see a cautious US Federal Reserve as prices of commodities rise and supply chain issues worsen.
According to Hou Wey Fook, chief investment officer at the DBS chief investment office, the risk of economic contagion from the Russia-Ukraine crisis is low.
