8 Aug 2008
By Shamim Adam
Aug. 8 (Bloomberg) -- Singapore's Finance Minister Tharman Shanmugaratnam comments on the island's economy and the outlook for global growth. He spoke at an event yesterday and his comments were sent via e-mail today.``We can't say we are near the bottom of the downturn globally. The U.S. is slowing and some expect that it may take another year before the situation starts to improve. The situation is different from even a few months ago. And the risks facing the financial system, which is a global system and not just an American system, are still very substantial.
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