Tuesday, September 11, 2007

Recent Market Turbulence Unlikely To Hurt Growth Prospects: Tharman

Source : Channel NewsAsia, 10 September 2007

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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