Bloomberg.com
15 May 2008
May 15 (Bloomberg) -- Government of Singapore Investment Corp. said the effects of the credit crisis may flow into Asia's ``Main Street'' if the U.S. enters a recession, its second warning on threats to the global economy in less than a month.
``The contagion of the subprime crisis can potentially accelerate the downward spin of the cycle,'' Seek Ngee Huat, president of the sovereign fund's real estate unit, said at a Singapore conference today. ``Its ripple effects are certainly being felt here in Asia. While Wall Street is picking up the pieces, the problems on Main Street are just beginning.''
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