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PM Lee: No replay of Asian financial crisis

Economies stronger now, with safeguards to deal with capital flows

Published on Sep 11, 2013 7:57 AM
 
Toasting shot of past Chairman of IE Singapore (from left) Ms Euleen Goh, 2005-2008; Mr Stephen Lee, 1995-2002; Mr Chandra Das, 1983-1986; Mr Sunny Verghese who is the current Chairman since 2008; Prime Minister Lee Hsien Loong; Mr Lim Hng Kiang, Minister for Trade and Industry; and chief executives of IE Singapore Mr Teo Eng Cheong, current chief executive since 2011; Mr Barry Desker, 1994-2000; Senior Minister of State for Trade and Industry and National Development, Mr Lee Yi Shyan, 2001-2006 and Mr Chong Lit Cheong, 2006-2010. At a dialogue with business leaders yesterday, PM Lee said he does not see a repeat of the Asian financial crisis that sent economies in the region into a deep dive, in spite of concerns over capital flight as the US ends its expansionary monetary policy. -- ST PHOTO: DESMOND WEE

Prime Minister Lee Hsien Loong does not see a repeat of the Asian financial crisis that sent economies in the region into a deep dive, in spite of concerns over capital flight as the US ends its expansionary monetary policy.

Speaking at a dialogue with business leaders yesterday, PM Lee said Asian economies are much stronger than they were in the late 1990s, having put in place safeguards to deal with the impact of large capital flows.

"On balance I would take a sanguine view," he said in reply to a question from moderator Robin Hu, chief executive of the South China Morning Post Group.

While certain individual countries may have problems, "on balance I would say we are in a safe position". He added: "I don't see this being a new global crisis or regional crisis."

 
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