Singapore SM Goh says govt to focus on impact of financial crisis on economy

Singapore SM Goh says govt to focus on impact of financial crisis on economy

By Pearl Forss,

SINGAPORE: Senior Minister Goh Chok Tong has stressed that Singapore’s financial system is stable, adding the government is now studying the impact of the financial crisis on the economy.

Mr Goh was speaking to reporters in Seoul, where he was on a three-day visit.

Singapore is in technical recession and its leaders are now looking at what can be done to help the country.

Mr Goh said: “Singapore’s growth will come down this year. Next year is likely to be slower than this year. But how slow, nobody knows at this stage.”

He added that the government is looking at the issue of individual investors who have lost their money in structured products linked to Lehman Brothers.

As Chairman of the Monetary Authority of Singapore, he said the MAS understands their anxiety and has set up a resolution process involving the financial institutions (FIs).

“If there are cases of misrepresentation in the sale of the product, just complain to the FIs. MAS’s job is to make sure the FIs give them a firm, fair, thorough hearing, and resolution must be fair to the investors,” Mr Goh added.

Before he left on Friday, he called on South Korean President Lee Myung Bak. - CNA/vm

Source : Channel NewsAsia - 01 Nov 2008

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