Education Minister & Second Minister for Finance, Mr Tharman Shanmugaratnam said the recent market turbulence is not expected to hurt the medium-term growth prospects of the region. He gave the comment during a speech at the opening of a new office for Societe Generale's private banking unit.
The minister noted that Asian markets have been showing some resilience amid the recent market turmoil.
The MSCI Asia ex-Japan is only down 1.6 per cent since mid-July and is up 24 per cent on year.
Excluding China, Asian markets are also up 22 per cent since the start of 2007.
But he warned that a sharp slowdown in the US economy would impact on Asia. - CNA/ch
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