But there will be discomfort on the ground, he says DESPITE the growing prices of food and oil around the world, Singapore is not heading for a economic recession, Finance Minister Tharman Shanmugaratnam said yesterday. According to Channel NewsAsia reports, Mr Tharman said at a community event that from all indications at this point, he did not think Singapore was heading for an economic recession. But...
Recession
But the hike in fuel prices in Malaysia will cause discomfort here SINGAPORE is not heading for a recession, said Finance Minister Tharman Shanmugaratnam, although fuel price increases in Malaysia would lead to discomfort. ‘From all indications we have at this point, I don’t think we’re heading for a recession. ‘But there will be discomfort on the ground,’ he said, speaking to Channel NewsAsia...
Finance Minister Tharman Shanmugaratnam on Sunday gave the assurance that Singapore is not heading for a recession. Speaking at a community event, Mr Tharman said, “From all indications we have at this point, I don’t think we’re heading for a recession. But there will be discomfort on the ground. Unfortunately, the fuel price increase in Malaysia does mean that vegetable, poultry and some other...
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...
Minister Mentor Lee Kuan Yew believed Asia will not go into recession, citing not only strong growth in China and India, but also the strength of commodity prices boosting growth in Malaysia, Brunei and Indonesia. Speaking to some 1,200 people at the Tanjong Pagar Lunar New Year dinner on Monday night, Mr Lee said Singapore is at the centre of the world's highest growth region, and is in a period of...
Prime Minister Lee Hsien Loong has urged Singaporeans to brace themselves for further uncertainties. In his Lunar New Year message, Mr Lee said the "Year of the Rat" begins under challenging circumstances. But he added that there's reason to remain confident because Singapore is in a strong position to weather any storm. Turbulence in the financial markets worldwide has shaken consumer and investor...
The global market panic driving Tuesday’s United States Federal Reserve rate cut is rooted in the still controversial idea that the US economy has slipped into a recession. Many market participants now take it as an article of faith that the US economy is, or will soon be, in a contractionary phase of economic activity. Some even argue that as long as it “feels” like a recession, it is one. But that...
Investors may emerge to pick up bargains following US rate cut INVESTORS across Asia stared in disbelief as stock markets yesterday haemorrhaged for a second day running on fears that a recession in the United States might plunge the world into its worst financial crisis in decades. The fears prompted the US Federal Reserve to slash its federal funds rate target by 0.75 percentage point to 3.5 per cent...
But this won't dispel bear's shadow over loss-ridden markets WITH the world staring down the throat of what billionaire investor George Soros called its worst financial crisis yet, and its biggest economy driven to possible recession by fallout from sub-prime mortgage losses, the United States Federal Reserve yesterday slashed interest rates by 75 basis points — the biggest cut in 23 years. The central...
Asia is not likely to suffer a downturn over the next two years if the US does not fall into a full blown recession, Lehman Brothers forecast in its outlook for 2008. Investors all across Asia may be nervous about the outlook for the US economy, but the financial services firm is taking a positive stance. Lehman Brothers' global chief economist Paul Sheard said, "A lot of people, of course, are focusing...