Singapore says “double-dip” risk for global economy

Kevin Lim

Singapore’s economy should remain prepared for the risk of a “double-dip” in the world economy in 2010, its finance minister said on Wednesday.

“(We) have to be prepared for the possibility of a sluggish world economy or even a double-dip in 2010,” Tharman Shanmugaratnam said in a speech to mark the Singapore Exchange’s 10th anniversary.

He also said that assets of 20 largest fund managers in Singapore grew 23 percent in the first half of 2009.

Overall assets for the asset management industry declined by 26 percent to S$864 billion ($606 billion) in 2008 from a year earlier, he said.

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