Turbulence in financial markets will affect Asia in next 3 to 6 months: PM Lee

Turbulence in financial markets will affect Asia in next 3 to 6 months: PM Lee
By S Ramesh, Channel NewsAsia | Posted: 19 August 2007 2023 hrs


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Lee Hsien Loong

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SINGAPORE : The external environment is favourable, and there is optimism all over Asia.

However the recent turbulence in global financial markets may affect economies in the US, Europe and also Asia in the next three to six months.

But the fundamentals for the region remain strong.

Prime Minister Lee Hsien Loong said this on Sunday in his National Day Rally speech.

Mr Lee also said ASEAN countries are benefiting from a strong Asia and high energy prices.

Singapore has taken over ASEAN Chairmanship and the focus would be on making the grouping stronger and more integrated.

This is so that ASEAN can keep pace with China and India and not be left behind.

On Singapore's bilateral ties with its closest neighbours, Malaysia and Indonesia, Mr Lee told his audience that they are good, with Singapore cooperating with both countries in many areas on a win-win basis.

There are however some outstanding issues with both countries, and Singapore will deal with them in the broader context of its overall relationship.

Mr Lee noted that Singaporeans are all over the world and that's the way to thrive in a globalised world.

At the same time, there is a need to secure the home base so as to create the conditions for Singapore to grow and give every citizen a stake in the country's success.

This would mean adapting and changing again and again as the world around Singapore changes.

For this, the government is implementing changes to make the economy vibrant and competitive, like developing the integrated resorts and remaking the city.

It has also introduced changes to strengthen social cohesion so that the country's citizens are not divided between races and religions, rich and poor or losers and winners.

Mr Lee said that's the way to sustain Singapore's exceptional performance - by tackling difficult problems that came its way and move forward as a nation. - CNA/ch