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NEWS UPDATES 24 July 2010

Asia recovering well: GIC

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ASIA is recovering well from the financial crisis but there are still risks to the world economy, including the turmoil in Europe and protectionist pressures in many countries, according to Dr Tony Tan, deputy chairman of the Government of Singapore Investment Corporation (GIC), told The Straits Times.

Dr. Tan told the Swiss Re Forum Singapore on Friday that the global recovery is likely to continue into the next year but at a more moderate pace.

But he cautioned that the rebound is 'fragile' and 'negative shocks could push the global economy towards a recession sooner than expected'.

And while growth prospects are much better for Asia than for the developed world, Dr. Tan does not see Asia 'aggressively challenging' the global order, which has benefited the region for decades.

“Asian countries, including China, generally share the view that a multilateral, rules-based international order is critical to their long-term growth and development,” said Dr. Tan. 'Asia's rise therefore is not inevitably a zero-sum geopolitical game where the US and Europe must decline as Asian countries grow.'

Dr. Tan flagged the turmoil in Europe, saying that growth there should be weaker at around 1 percent.

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