'The situation looks a lot gloomier now than when they went in but these are long-term investments. It looks under water now, but the situation can change,' Mr Lee told the Foreign Correspondents Association at a lunch on Friday. -- ST PHOTO: ALBERT SIM
THE Government of Singapore Investment Corporation's (GIC) financial performance is 'respectable', Prime Minister Lee Hsien Loong said. He was referring to its real returns of 4.5 per cent in Singapore dollars over the last 20 years.
'So if you take it in nominal terms, it's about 8 per cent in US dollars,' he said, in reply to a question on whether he was happy with GIC returns at a forum by the Foreign Correspondents' Association.
'I think it is respectable for the size of funds which they are investing.' he told journalists at a forum of the Foreign Correspondents' Association.
'If you're a $1 billion endowment, you can do 20, 30 per cent returns. If you are more than $100 billion, I think you have to be a lot more cautious.'
For the full story, read Saturday's edition of The Straits Times.
