SINGAPORE (MarketWatch) -- Singapore Prime Minister Lee Hsien Loong said Sunday another global recession could arise amid current economic uncertainties in the U.S. and Europe, which may worsen and drag down Asian powerhouses like China and India.
"If America and Europe go into another recession, then I think China and India and the emerging economies will also be affected, will also be vulnerable."
Lee's comments come amid a bout of global financial-market turmoil, triggered by festering economic and fiscal troubles in the U.S. and Europe, and ratings firm Standard & Poor's decision to lower its rating on U.S. government debt. Full story
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