22 May '11, 9pm

Singapore 'vulnerable' in face of looming risks in global economy

SINGAPORE - In the light of looming risks in the global economy, economists say small and open economies such as Singapore, Taiwan and Hong Kong are most vulnerable. Risks such as large fiscal deficits and high inflation remain potential dampeners of growth in the global economy, despite the strong economic rebound from the 2008 financial crisis. One of the consequences of large fiscal deficits is mounting sovereign debt. If it goes unchecked, it could spark another financial crisis. The United States fiscal deficit currently stands at an estimated US$1.645 trillion (S$2.04 trillion), while household debt rose 0.3 per cent to US$11.5 trillion for the latest quarter ended March 31. The risk of a credit downgrade on US government debt instruments will be raised, if the deficits remain high. "When that happens, there will be reduced consumption, spending and real income level...

Full article: http://www.todayonline.com/Business/EDC110523-0000239/Sin...

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