GIC says lack of recovery by 2010 big risk for Asia
06. Aug, 2009
Tony Tan
Reuters reports that, “Singapore’s biggest sovereign wealth fund GIC said on Tuesday that the greatest risk facing Asia is a global economic and financial environment that does not stabilise and recover by 2010.
‘If the U.S. economy turns out to be worse than expected, requirements for banks’ capital will be higher and the U.S. administration might need to go back to Congress to ask for additional funding,’ Tony Tan, deputy chairman of the Government of Singapore Investment Corp said in a speech.
‘Downside risks remain high, despite signs of stabilisation,’ he said.”
read more: Reuters
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