SINGAPORE: China and India-driven Asian economies will be vulnerable if the United States and Europe slip into another recession, Singapore Prime Minister Lee Hsien Loong cautioned on Sunday.
Lee, who leads a trade, export and finance-oriented city state of 5 million people, stressed that the debt crisis in European and the American economic woe would hurt Asian economies.
The European and American economies were facing troubles, stressed Lee in an annual independence day address traditionally delivered on first Sunday after the August 9 Independence day celebration.
Lee noted that China, India and other emerging markets were doing quite well for now but these economies faced threats if America and Europe get into another economic recession.
He also cautioned that Singapore, an economy based on global market performances, would have to be cautious about the fragile state of the American and European economies.
Singapore economic growth had slowed down in the second quarter of this year.
Besides monitoring and managing trade-oriented island state’s gross domestic product performances in a cloudy economic environment, Lee faces the challenges of ensuring Singaporeans of the future prosperity, calling on the people to be united in going forward into the future of the vibrant city state.
Source: http://timesofindia.indiatimes.com/business/international-business/Singapore-PM-expresses-concern-about-economic-crisis/articleshow/9603673.cms