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Ng Eng Hen (left) says the world cannot afford more instability as conflicts continue in Europe and the Middle East. /CFP

Singapore's defense minister warns that "the world as we know it' could be at risk.

Speaking to CGTN at the Munich Security Summit in Germany, Ng Eng Hen said conflicts in Ukraine and the Middle East are forcing leaders to consider the cost of war.

"I've never seen a time when there's been such urgency at this summit," said Ng, who was attending his 12th such gathering. "There's a sense that if things go more wrong, then the rules that gave us peace after World War II will be in peril."

WATCH: CGTN's Li Jinhua speaks to Singapore's defense minister

01:56

Security officials gathered in Munich as a somber milestone loomed - next Saturday marks two years since Russia launched its offensive against Ukraine.

The United Nations says at least 10,000 Ukrainians have been killed in that conflict. Nearly 30,000 Palestinians have died in the four months since Israel declared war on Hamas.

Ukrainian soldiers have been defending their country for nearly two years. /Gleb Garanich/Reuters

Ng said the world's leaders had to find a way out of the crisis. "We need to chart a more stable course. We as leaders need to deal with these challenges as well as prevent more problems."

He also warned that any conflict in Asia could prove extremely costly. "The lesson from Ukraine is that war can disrupt," said Ng. "We've had relatively good prosperity, including with the rise of China. Hundreds of millions have been lifted out of poverty. GDP has been growing. All that could end if there's conflict in Asia."