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http://online.wsj.com/article/BT-CO-20110806-701170.html
AUGUST 6, 2011, 9:42 P.M. ET
Singapore Deputy Prime Minister: US May Soon Slip Into Recession--Report
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SINGAPORE (Dow Jones)--Singapore Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said that it will not take much time for the U.S. to slip into a recession and warned of tough global economic conditions for the next three to four years, the Sunday Straits Times newspaper reported.
"It [recession in the U.S.] may or may not happen, we cannot tell yet. But we have to be prepared for any eventuality," Tharman was quoted as saying.
The comments by Tharman, who is also the chairman of International Monetary and Financial Committee, the policy advisory body of the International Monetary Fund, comes after credit ratings company Standard & Poor's late Friday cut the U.S. government debt rating from AAA to AA+ with a negative outlook, the first time in modern history that one of the three main ratings firms has stripped the U.S. of its triple-A status.
The newspaper quoted Tharman as saying that the U.S. economy has weak fundamentals and is hardly growing, so it will not take much time for it to tip into recession.
He also said that there was now a crisis of confidence in the U.S., Europe and Japan.
"When there is a crisis of confidence in these three major blocks of the world economy, everyone is affected," Tharman was quoted as saying by the newspaper.
www.straitstimes.com
-By P.R. Venkat, Dow Jones Newswires; +65 6415415; [email protected]
AUGUST 6, 2011, 9:42 P.M. ET
Singapore Deputy Prime Minister: US May Soon Slip Into Recession--Report
Article
Printer
Friendly
Share:
facebook ↓ More
smaller Text larger
SINGAPORE (Dow Jones)--Singapore Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said that it will not take much time for the U.S. to slip into a recession and warned of tough global economic conditions for the next three to four years, the Sunday Straits Times newspaper reported.
"It [recession in the U.S.] may or may not happen, we cannot tell yet. But we have to be prepared for any eventuality," Tharman was quoted as saying.
The comments by Tharman, who is also the chairman of International Monetary and Financial Committee, the policy advisory body of the International Monetary Fund, comes after credit ratings company Standard & Poor's late Friday cut the U.S. government debt rating from AAA to AA+ with a negative outlook, the first time in modern history that one of the three main ratings firms has stripped the U.S. of its triple-A status.
The newspaper quoted Tharman as saying that the U.S. economy has weak fundamentals and is hardly growing, so it will not take much time for it to tip into recession.
He also said that there was now a crisis of confidence in the U.S., Europe and Japan.
"When there is a crisis of confidence in these three major blocks of the world economy, everyone is affected," Tharman was quoted as saying by the newspaper.
www.straitstimes.com
-By P.R. Venkat, Dow Jones Newswires; +65 6415415; [email protected]
