<font class="storyhead" color="blue" size="4"><b> We must prepare for a tough ride: Singapore PM </b></font>
<table bgcolor="#f9eadd" border="0" width="100%"><tbody>
<tr>
<td><i> ‘Asia can’t avoid impact of weakening global economies’. </i></td>
</tr></tbody>
</table> <center> <font size="2"> </font>
<br />
<img src="http://www.thehindubusinessline.com/2008/10/11/images/2008101150260701.jpg" align="middle" border="1" height="127" width="109" />
<br /><font class="leftnavi" size="2"> Mr Lee Hsien Loong </font> </center>
<p> <em>M. Ramesh
<br /> Rasheeda Bhagat </em>
</p>
<p>
</p>
<p>Singapore, Oct 10 Asian countries cannot avoid the impact of weakening US, European and Japanese economies, Mr Lee Hsien Loong, Prime Minister of Singapore, said today.
</p>
<p>Speaking at the ‘Pravasi Bharatiya Divas, Singapore’, a conference of global Indian diaspora, Mr Lee Hsien Loong observed that Asian banks had been lucky to have avoided the problems afflicting the US and European banks.
</p>
<p>Yet, globalisation meant that equity markets in Asia had been “hit by events in the Wall Street”. “We must prepare for a tough ride at least over the next year, and quite possibly longer,” he said, addressing the 400-member strong audience of non-resident Indians from across the world.
</p>
<p>“The trust and confidence between banks, which lie at the heart of finance intermediation, will take time to restore,” he said.
</p>
<table bgcolor="#f9eadd" border="0" width="100%"><tbody>
<tr>
<td><i> ‘Asia can’t avoid impact of weakening global economies’. </i></td>
</tr></tbody>
</table> <center> <font size="2"> </font>
<br />
<img src="http://www.thehindubusinessline.com/2008/10/11/images/2008101150260701.jpg" align="middle" border="1" height="127" width="109" />
<br /><font class="leftnavi" size="2"> Mr Lee Hsien Loong </font> </center>
<p> <em>M. Ramesh
<br /> Rasheeda Bhagat </em>
</p>
<p>
</p>
<p>Singapore, Oct 10 Asian countries cannot avoid the impact of weakening US, European and Japanese economies, Mr Lee Hsien Loong, Prime Minister of Singapore, said today.
</p>
<p>Speaking at the ‘Pravasi Bharatiya Divas, Singapore’, a conference of global Indian diaspora, Mr Lee Hsien Loong observed that Asian banks had been lucky to have avoided the problems afflicting the US and European banks.
</p>
<p>Yet, globalisation meant that equity markets in Asia had been “hit by events in the Wall Street”. “We must prepare for a tough ride at least over the next year, and quite possibly longer,” he said, addressing the 400-member strong audience of non-resident Indians from across the world.
</p>
<p>“The trust and confidence between banks, which lie at the heart of finance intermediation, will take time to restore,” he said.
</p>
