Dr Tony Tan, the deputy chairman of the Government of Singapore Investment Corporation (GIC), has clarified that recent comments made on the world facing its worst recession in 30 years is just one of three scenarios GIC is contemplating. It is not the GIC's forecast for the global economy. The other two are an optimistic scenario where there is a recession in the US or globally, with an end to the...
US Recession
Senior Minister Goh Chok Tong said on Sunday Singapore has got its economic basics right so even in the face of a looming US recession, the country can cope. And it can also depend on the critical growth in China and India. He was speaking in an interview with South Korea's Arirang TV in Seoul. He said Singapore with its good budget, good economy and strong fundamentals can weather a US recession, even...
Asia will continue to attract strong investments this year despite the uncertain global economic outlook, according to some participants at the 9th Annual Investment Management Association Singapore Conference on Tuesday. They expect investment vehicles such as venture funds and private equity to pick up in 2008. Asia has seen a sharp change - from a positive global economic outlook in 2007 to one of...
Singapore's Minister Mentor Lee Kuan Yew said he is not certain what impact a possible US recession will have on Singapore. Although it is not clear whether financial markets will take up to two years to recover from the ordeal, Mr Lee said he feels that China and India may provide some cushion for the slowdown in the US. Asian stock markets took a beating early this week amid mounting concerns of a...
Singapore's Prime Minister Lee Hsien Loong said Singapore and Asia can weather the storm, should the US go into a recession. He made the comment at a breakfast meeting with 40 businessmen from the French Business Confederation as he wrapped up his three-day official visit to Paris. The financial markets in the West have been hit by the US sub-prime problems, and that in turn has affected Asia, including...