RTT News
21 Apr 2008
4/21/2008 1:45:16 AM A global recession and financial crisis as a result of the meltdown in the U.S. subprime-mortgage market is likely to be witnessed in the coming years, a Singapore sovereign wealth fund that manages more than $100 billion and that bought multi-billion dollar stakes in beleaguered banks Citigroup and UBS said on Monday.
Government of Singapore Investment Corp Deputy Chairman Tony Tan said on Monday that the financial turmoil has now spread beyond U.S. shores, increasing the likelihood of the U.S. and world economies entering the deepest recession in 30 years and creating a great challenge for GIC.
"We could be facing a recession which is longer, deeper and wider than any recession we have encountered in the last 30 years."
"Prospects for the U.S. economy and possibly even the world economy are fraught with considerable downside risks," he said.
>>>> More
