International Herald Tribune, 10 Oct 2008, The Associated Press
SINGAPORE: Asian economies face a "rough ride" for at least the next year as weakening consumer demand from developed countries hurt the region's exports, Singapore Prime Minister Lee Hsien Loong said Friday.
"The world is caught up in a financial storm, and dark clouds fill our immediate horizon," Lee said in a speech in Singapore. "The fear and panic gripping financial markets everywhere will take time to subside."
Asian stock indexes have plummeted this week along with their counterparts in the U.S. and Europe on fears turmoil in the financial system will spark a global recession. Japan's benchmark Nikkei 225 index tumbled more than 10 percent Friday while Hong Kong's Hang Seng index fell more than 8 percent.
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