Lee Kuan Yew: Asia won't be badly hit by recession
February 19, 2008, 12:00 am TWN
SINGAPORE -- Buoyed by bustling growth in China and India, Asia will not be "unduly disadvantaged" if a recession hits the United States, said Singapore's Minister Mentor Lee Kuan Yew Sunday night. "I believe this may be the first time where the U.S. economy catches a flu and we are not going to catch influenza - I hope," the city-state's founding prime minister said at a Singapore Airshow leadership dialogue.
The Chinese and Indian economies are unlikely to dip below 8, 9, or 10 percent growth, Lee said. While 40 percent of intra-Asian trade is bound for the United States, even if the U.S. cuts its imports by half, Asia would not be too badly hit.