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Saturday, September 21, 2013

Prime Minister Lee says Asia ‘far’ from situation before 97 crisis

Source: http://www.theedgesingapore.com/the-daily-edge/business/45515-prime-minister-lee-says-asia-far-from-situation-before-97-crisis.html

Asia’s fundamentals are strong and “far” from the conditions before the 1997 regional financial crisis, Singapore’s Prime Minister Lee Hsien Loong said.

“I do not believe that we are in the situation of the Asian financial crisis,” Lee said in his speech in the city state today. The region is “between challenges but overall, we’re in a stable position,” he said.

Lee said the prospects of a tapering in the Quantative easing led to an outflow of capital and currency depreciation in Asia, with investors doubting the sustainability of emerging markets. He added the situation has stabilized though risks remain.

Emerging markets recovered after U.S. policy makers said this week they want more evidence of an economic recovery before paring its $85 billion-a-month quantitative-easing program. U.S. Federal Reserve Chairman Ben. S. Bernanke had said in June the central bank may start curbing stimulus this year and end it in 2014 if the economy finally achieves sustainable growth.

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