- Joined
- Apr 9, 2009
- Messages
- 3,070
- Points
- 0
'Golden age' for Asia
It will power recovery, but success will depend on how officials tackle risks, says Dr Tony Tan
Dr Tony Tan, deputy chairman of the Government of Singapore Investment Corporation (GIC), predicted that the next ten years would be a 'golden age' for Asia. -- ST PHOTO: LIM SIN THAI
TAIPEI - THE next 10 years might well be a 'golden age' for Asia, and the region could even become a new source of prosperity and stability for the world, Dr Tony Tan, deputy chairman of the Government of Singapore Investment Corporation (GIC), predicted on Monday.
That is because Asian countries - together with other emerging markets such as Brazil and Russia - will power global growth in the coming years, and the world's investors will want to invest more in them.
But success will depend on the skill of Asian policymakers in dealing with the economic risks ahead, he warned.
Dr Tan was crystal ball-gazing at an economic forum organised by Taiwan's prominent CommonWealth magazine in Taipei. In a keynote speech to 550 businessmen, he outlined how the world was likely to change after the global financial crisis.
The good news, he said, was that a global depression had been avoided. Global growth could hit 3 per cent to 4 per cent this year, up from a contraction of nearly 2 per cent last year.
But growth is likely to be uneven, with the strongest showing coming from the emerging economies, especially Asia. He emphasised that the United States and key parts of Europe would take much longer than people think to recover.
It will power recovery, but success will depend on how officials tackle risks, says Dr Tony Tan
TAIPEI - THE next 10 years might well be a 'golden age' for Asia, and the region could even become a new source of prosperity and stability for the world, Dr Tony Tan, deputy chairman of the Government of Singapore Investment Corporation (GIC), predicted on Monday.
That is because Asian countries - together with other emerging markets such as Brazil and Russia - will power global growth in the coming years, and the world's investors will want to invest more in them.
But success will depend on the skill of Asian policymakers in dealing with the economic risks ahead, he warned.
Dr Tan was crystal ball-gazing at an economic forum organised by Taiwan's prominent CommonWealth magazine in Taipei. In a keynote speech to 550 businessmen, he outlined how the world was likely to change after the global financial crisis.
The good news, he said, was that a global depression had been avoided. Global growth could hit 3 per cent to 4 per cent this year, up from a contraction of nearly 2 per cent last year.
But growth is likely to be uneven, with the strongest showing coming from the emerging economies, especially Asia. He emphasised that the United States and key parts of Europe would take much longer than people think to recover.
