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Wednesday, August 17, 2011

Asia vulnerable to US recession: Singapore PM - Yahoo! Singapore Finance

Asia vulnerable to US recession: Singapore PM - Yahoo! Singapore Finance
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  1. RAYLOKEAugust 17, 2011 at 2:49 AM

    On Sunday 14 August 2011, 21:18 SGT
    Asia, including China and India, will be vulnerable if the United States and Europe slip into another recession, Singapore Prime Minister Lee Hsien Loong said Sunday.

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  2. RAYLOKEAugust 17, 2011 at 2:57 AM

    "That's going to affect us. It can easily happen."

    Singapore's economic output contracted by 6.5 percent in the second quarter as global electronics demand slumped, according to official data.

    Export-dependent Singapore was the first Asian economy to suffer negative growth during the last global downturn in 2008 but also led the recovery with a strong growth rebound in 2010.

    Markets around the world have been roiled on concerns that the US and eurozone debt crisis may spark a new recession.

    The crisis started in Greece and is now fuelled by fears that Spain or Italy might default on their debt and possibly spark a break-up of the currency shared by 17 countries.

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