The value of prime property in the world's key cities fell by 0.4 per cent in the first quarter of this year, representing the index's first quarterly fall since the depths of the global recession. Although a milestone, the index's negative quarterly growth is not surprising. Quarterly price growth has been below 2 per cent since the first quarter of 2010 and it averaged only 0.6 per cent last year. The...
Global Recession
The world could be facing its worst recession in 30 years, said Deputy Chairman and Executive Director of the Government of Singapore Investment Corp (GIC) Dr Tony Tan. He shared this view with over 500 GIC staff at a conference on Monday. "The financial contagion has now spread beyond US shores, increasing the likelihood of a global financial crisis and recession. We could be facing a recession which is...