A synonym for "in light of this situation" could be "considering the circumstances," "given the context," or "in view of the current scenario." These phrases all convey the idea of taking into account the current situation or context when making a decision or forming an opinion. Another option could be "under these conditions," which also implies that the current situation is influencing the thought process or decision-making. Each of these alternatives can be used to introduce a statement or conclusion that is influenced by the prevailing circumstances.