21 Mar '11, 7am

Japan disaster, Mideast uncertainty to hurt global economy: Tharman

Japan disaster, Mideast uncertainty to hurt global economy: Tharman

SINGAPORE: The recent earthquake and tsunami that hit Japan is likely to have a negative impact on the global economy. This is according to Singapore finance minister Tharman Shanmugaratnam, who was speaking at a World Bank Conference in Singapore on Monday. Mr Tharman said unlike the Kobe earthquake in 1995, this crisis also includes the problems to contain further deterioration in the nuclear reactors in Fukushima. And as Japan embarks on its reconstruction and possible stimulus to rebuild the affected areas, "we are likely to see increased demand for oil and gas...also increased demand for metals, particularly steel, so we are likely to see an upward push in commodity prices coming from increased demand," Tharman said. He added that "this adds to the supply side shock being seen in the Middle East where uprisings pose risks of disruptions and oil supply." Mr Tharman als...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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