22 November 2011

'Global Economy May Slump Severely'

The global economy may slow down severely due to the debt crisis in Europe, Singapore's Deputy Prime Minister Tharman Shanmugaratnam has warned.

"Unfortunately, troubles are brewing once again, this time in the eurozone. ... We have to prepare for the possibility, the very real possibility of rough times ahead, a severe slowdown in the global economy," Shanmugaratnam said.
'Global Economy May Slump Severely'

He was speaking at a graduation ceremony for the Ong Teng Cheong Labour Leadership Institute, where Tharman gave out certificates and diplomas to fresh graduates.

He added that this could test the leadership of Singapore's government, Xunhua reported.

Shanmugaratnam's comments come a day after the Monetary Authority of Singapore (MAS) warned that the global economy is at its most fragile state since the last financial crisis.

Indian Prime Minister Manmohan Singh arrived here from Bali after attending the India-ASEAN summit. On, he unveiled a Nehru bust along the picturesque Singapore river.